BofA lowered the firm’s price target on Carter’s (CRI) to $50 from $53 and keeps an Underperform rating on the shares following the retirement of CEO Michael Casey. The firm expects Cater’s to end FY24 with retail comparables down close to double digits for the third year in a row. According to BofA, the company’s next CEO will need to answer questions such as does reinvesting in new stores makes sense and should Carter’s only focus on baby/toddler product? Revisiting pricing/discounting strategy and reevaluating wholesale partnerships are also items the new CEO could have to contend with, the firm added.
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Read More on CRI:
- Carter’s CEO Michael Casey to retire, William Montgoris named chairman
- Carter’s backs FY24 adjusted EPS view $4.70-$5.15, consensus $5.31
- Carpenter Technology to replace Carter’s in S&P 400 at open on 12/23
- Carter’s to replace Carpenter Technology in S&P 600 at open on 12/23
- Carpenter Technology to replace Carter’s in S&P 600 at open on 12/23
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
