Bear Sterns broadens retail coverage
November 12, 2002,
New York — Bear, Stearns & Co. today initiated coverage of J.C. Penney Inc., May Department Stores, Federated Department Stores, Sears, Target Corp., Wal-Mart and Kohl's after the recent expansion of its retail team.
Associate director Christine Augustine noted that retail sales could remain weak through the 2002 holiday season, predicting the retailers with a heavy emphasis on apparel are likely to be hardest hit.
Initial ratings from Bear Stearns of "peer perform" were assigned to Penney, May, Target and Wal-Mart. Federated and Kohl's were rated "outperform." Sears was rated "underperform."