Yahoo Finance Retailers to Rally in 2021, Says Guggenheim
By Christiana Sciaudone
Investing.com -- Expect a retail rally for 2021, according to Guggenheim Securities.
The prospects for 2021 are looking good, the firm said, raising its price target on companies from Kohl's (NYSE:KSS) to Coach parent Tapestry (NYSE:TPR), according to Bloomberg. Kohl's rose 3.3% and Tapestry was up 3.2%.
There's “optimism surrounding a vaccine and the return to some element of normalization,” analyst Robert Drbul said in a note. In addition, there's "pent-up demand for apparel."
Watch for new Supreme owner VFC Corp. and Calvin Klein parent PVH (NYSE:PVH), in particular, are “poised for a significant recovery in 2021.”
VFC, up 1.3%, completed its acquisition of the red hot Supreme brand yesterday. PVH is up 2.4%.
Drbul rated both companies buy and bumped PVH's price target to $110 from $100.
Nike (NYSE:NKE) also got a buy rating and a $165 price target, calling it its best idea for 2021. It should benefit from “favorable secular tailwinds,” and its market share should “grow materially from here as digital scales further.”
Nike is up almost 40% this year.
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