Kohl’s Corp. fell Thursday after Bank of America slashed its investment recommendation for the retailer by two levels, citing supply-chain risks ahead of the holiday season.
The shares slumped 14% at 10:51 a.m. in New York, reaching their lowest level intraday since February after BofA placed an “underperform” rating on the stock, down from “buy.” The price target for the stock was reduced to $48 from $75. In a research note, analyst Lorraine Hutchinson said that the shares are “relatively inexpensive,” but operational difficulties “could hinder Kohl’s sales recovery and offset both progress that the team is making on women’s and the benefit of Sephora.”
