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Dillard's slumps on Wedbush downgrade

Wedbush analysts set a price target for the department store chain at $65

Dillards
A Wedbush analyst cited “unwarranted share appreciation” of 11% since February 25 when the company reported fourth quarter results

Dillard's Inc (NYSE:DDS) stock sank Monday after Wedbush dropped the company to Underperform from Neutral.

Analyst Jen Redding set her price target for the department store chain at $65, StreetInsider reported, which represents a 12% decline from its Thursday close.

Shares dropped 8.7% to $67.50.

The note cited “unwarranted share appreciation” of 11% since February 25 when the Arkansas-based company reported fourth quarter results. The SPSIRE index, which measures the retail sector, remained flat over the same period.

Redding expects Dillard's to fall short relative to its peers over the next six months.

The company is scheduled to report first quarter results on May 27.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Dillard's, Inc

Price: 29.15 USD

NYSE:DDS
Market: NYSE
Market Cap: $676.22 m
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