Zacks Investment Research upgraded shares of Dillard's Inc. (DDS) from NEUTRAL to OUTPERFORM on July 12, 2013, with a target price of $93.00.
We have upgraded our long-term recommendation on Dillard's to Outperform, based on strong bottom-line results for first-quarter fiscal 2013. The company is progressing well with its cost-cutting endeavors and operational efficiencies. We expect the company to keep up this trend of posting positive earnings surprises in the years ahead, based on its focus on boosting productivity at existing stores, developing a leading omni-channel platform and enhancing its presence domestically. Moreover, the company's wholly owned Captive Insurance Company and REIT facilitate efficient risk management and boost its liquidity position. Additionally, the stock looks more attractive from the valuations perspective, as it trades at a sharp discount to the industry average, based on forward earnings estimates.
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