Why Walmart and Target Look Like Big Winners This Holiday Season -- Barrons.com

为什么沃尔玛和塔吉特看起来像这个假期的大赢家--Barrons.com

2019/11/13 01:38  道琼斯

DJ Why Walmart and Target Look Like Big Winners This Holiday Season -- Barrons.com


By Avi Salzman

Walmart and Target stocks have been on a tear this year, and one analyst expects the momentum to last through the holidays.

The big-box retailers are uniquely positioned to profit as Americans express more concern about the economy and look to discount stores for their holiday shopping, wrote Cowen analyst Oliver Chen.

Walmart (WMT) is up 28% this year and Target (TGT) has gained 66%. Both have improved their web-based offerings and services, adding more options like faster delivery, and allowing people to pick up items in the store after ordering online. Curbside pickup "should help both retailers win over late holiday season shoppers," Chen said.

Both companies have also benefited from the closures of other retailers, allowing them to take market share in several areas. Toys in particular have helped lift sales at Target. Several toy chains have gone out of business since the start of 2018.

There are other reasons to like the stocks, Chen argues. The U.S. economy remains strong and employment has continued to rise, although some data indicates growing concern about the economy, a factor that could affect shopping.

Consumer surveys that Cowen has reviewed "suggest an uptick in concern over future economic uncertainty year over year, which could lead to lower absolute spending levels, plus higher promotions to entice shoppers," Chen wrote. "With this caution in mind, we favor value-oriented stocks this holiday, and believe that the environment is favorable for value momentum to continue at both Walmart and Target."

Other retailers could fare worse. A relatively warm November may be hurting apparel sales, Chen said, noting that several companies that sell apparel are marking down prices. He said he is particularly worried about Macy's (M), J.C. Penney (JCP) and Gap (GPS).

Write to Avi Salzman at avi.salzman@barrons.com



(END) Dow Jones Newswires

November 12, 2019 12:38 ET (17:38 GMT)

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DJ为什么沃尔玛和塔吉特看起来像这个假期的大赢家--Barrons.com


阿维·萨尔茨曼(Avi Salzman)著

沃尔玛(Walmart)和塔吉特(Target)的股票今年一直在大幅上涨,一位分析师预计,这种势头将持续到整个假期。

Cowen分析师奥利弗·陈(Oliver Chen)写道,随着美国人对经济表现出更多的担忧,并寻求打折商店进行假日购物,大型零售商处于独特的有利地位。

沃尔玛(Walmart)今年上涨了28%,塔吉特(Target)上涨了66%。这两家公司都改进了基于网络的产品和服务,增加了更多的选项,如更快的送货速度,并允许人们在网上订购后在商店中取货。路边提货“应该有助于两家零售商赢得假日季节后期的购物者,”陈说。

两家公司也受益于其他零售商的关闭,使它们能够在几个领域占据市场份额。玩具尤其帮助提升了Target的销售额。自2018年初以来,已有几家玩具连锁店倒闭。

陈认为,喜欢这些股票还有其他原因。美国经济依然强劲,就业人数持续上升,尽管一些数据显示,对经济的担忧日益加剧,这是一个可能影响购物的因素。

考恩审查的消费者调查“显示出对未来经济不确定性的担忧逐年上升,这可能导致绝对支出水平降低,加上更高的促销以吸引购物者,”陈写道。“考虑到这种谨慎,我们在这个假期青睐价值导向的股票,并相信沃尔玛和塔吉特的环境有利于价值势头继续下去。”

其他零售商的情况可能更糟。相对温暖的11月可能会影响服装销售,陈说,并指出几家销售服装的公司正在降价。他说,他特别担心梅西百货(Macy‘s)、J.C.Penney(JCP)和Gap(GPS)。

写信给Avi Salzman,电子邮件是avi.salzman@barrons.com



(完)道琼斯通讯社

2019年11月12日12:38美国东部时间(格林威治时间17:38)

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