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1、EquityResearch6November2017U.S.RetailBroadlines/HardlinesINDUSTRYUPDATELookingBeyond3Q17U.S.RetailBroadlines/HardlinesNEGATIVEOverthenextseveralweeks,anumberofretailhardlinecompaniesarescheduledUnchangedtoreportearnings,includingAAP,BBBY,BBY,DKS,FINL,FL,HD,LOW,PRTY,TCS,TGTa
2、ndWSM:Aheadofearnings,wearedecreasingour2017estimatesforAAPandForafulllistofourratings,pricetargetandDKSto$5.15and$2.80from$5.30and$2.90,respectively.Weareincreasingour2017earningschangesinthisreport,pleaseseeestimatesforBBYandHDto$4.05and$7.35from$3.95and$7.30,respectively
3、.Wetableonpage2.arealsochangingour2018EPSestimatesforAAP,BBBY,BBY,DKS,FL,HD,andTGT–pleaseseethetablewithinthereportforfurtherdetail.U.S.RetailBroadlines/HardlinesMatthewMcClintock,CPA,CFAWedetectarelativelybullishtonefrominvestorsregarding3Q17resultsoverall,+12125265257whic
4、hislessofapositiveaffirmationfortheoverallretailenvironmentitselfandmatthew.mcclintock@barclays.commorerelatedtowellmanagedexpectationsfromtheunderlyingcompanies:MacroBCI,USdatapointssuchasGDPremainstrongsequentiallyversus2Q17,anditappearsthatMarjorieLopezMarinez,CFAmanyret
5、ailerslargelyshruggedoffhurricanechallengeswithacceleratingsalesas+12125269024storesreopened.Furthermore,wenotethatmanyretailersfaceeasycomparisonsinmarjorie.lopezmarinez@barclays.comOctober/NovemberfromreducedconsumerspendingattheheightofthePresidentialBCI,USelectionproces
6、s.ThereremainclearlydefinedbucketsofretailersthatinvestorsareCaitlinHowardfocusedon,althoughthecompositionofthesebucketshavechangedsubstantially+12125264809versustheprioryear,withonlyHomeImprovement(HD,LOW,FND)remainingincaitlin.howard@barclays.comfavor.Athleticcompanies(sp
7、ecificallyDKS,FINL,FL,andUAA)havefallenoutoffavor.BCI,USIndustrieswheretherearewelldefinedstructuralbearviews,butwheredatapointsdon’tbackthoseviews(BigBox:TGT,HomeFurnishings:WSM),havecomebackintoJordanaCooper+12125267166favorandarelikelybeingviewedasleveredvehiclestowardsa
8、potentiallypositivejordana.cooper@barclays.commacroshocksuchastaxreform.BCI,USHowe
