Lands' End hits near 2-month low as brokerages cut PTs on waning demand

Lands End

02/09/2022 16:08

(Updates)
    ** Shares of casual wear chain Lands' End Inc  LE.O  fall as
much as ~8% to a near two-month low of $10.78
    ** Stock last down ~4%, on course for third straight session
of losses
    ** Craig-Hallum cuts PT of LE to $12 from $15, while Telsey
Advisory Group lowers PT to $18 from $25
    ** "With the economy potentially tipping into a recession
and competitors offering steep discounts to right-size their
inventories, it is difficult to imagine estimates moving
materially higher over the next 6-12 months" - Craig-Hallum
    ** Craig-Hallum believes growing competition from e-commerce
retailers, such as Amazon.com  AMZN.O  and off-price retailers
like TJX Cos-owned TJ Maxx  TJX.N  will significantly impact LE
    ** Telsey lowers PT citing the gloomy Q2 results, falling
consumer demand and increasing supply chain pressures 
    ** LE on Thurs cut its annual sales and profit forecasts,
bumped by steep discounts and higher transportation costs 
 urn:newsml:reuters.com:*:nL4N308306  urn:newsml:reuters.com:*:nGNX2MWc2Z
    ** YTD, stock has fallen ~43%

 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))