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1、Broadlines&HardlinesRetailJPMAFLChanges:AddingDKS,KeepingAAPandMIK,RemovingHDNorthAmericaEquityResearch01August2018WearemakingourmonthlyupdatetoourrecommendationsonJPM’sAmericasFocusList(AFL).Summarizingourviews:AAP(growthstrategy)andMIK(valuestrategy)remainonthelist,weareaddingDKSasavalueidea,
2、andremovingHDaswehadopportunisticallyrecommendedbuyingHDinAprilduringthepeakspring/seasonalfearperiodandthestockhasrespondedasexpected(wecontinuetoratethestockOverweight).·AAP:Turnaroundinmotionwithnear-termpositivesetupbolsteringthelongcase.WearereiteratingourOWratingandmaintainingAAPonJPM’sAFL
3、(growthstrategy).AsdiscussedinournotefollowingourmanagementmeetingsinJunewithCEOTomGrecoandSVP/InterimCFOJeffShepherd,webelievetangibleprogressisbeingmadeculturallyandoperationallywithnumerouspointsofevidence.Moreover,AAP’s2Qbenefitsfromagenerallypositivecalendar(4/22-7/14withtheDIYbusinessstart
4、ingtoturninweektwo,inourview)andgeography(highnortherntierexposurewiththewinterlag,hotJune/earlyJuly,andDIYshifttoMayharmonizingintothisquarter).AAPwillalsolapitsdisruptivefieldchangesinAugustthatcontributedtoa(3.4%)compin3Q17(cradlingtheforwardcompsetup)withpotential2Qupsideexpressingattractive
5、stacks.Alsoasdiscussedintheabove-referencednote,thereishighvisibilitytomarginsinboth2018and2019withthepotentialforsharerepurchasesrisingonasustainedsame-store-salesturn.Lastly,wearecomfortablewiththecurrentgeneralmarketexpectationsfora1.0%compin2Q(vs.down0.1%consensus,reportingAug14),whichwegaug
6、ebasedonourdiscussions.·DKS:AddingtoAFLasavaluestrategy.Recall,weupgradedDKStoOverweightinNovembergivende-risked2018guidance,inventorylevelsthatwerecleaningup,apendulumswinginvendorbehavior(frompunitivedoorexpansiontodisciplinedchannelmanagement),andpotentialmarginupside.Despitetherun,wecontinue
7、toseeafavorablestocksetup,especiallybelow$35wherewethinkthemarketpricesin2Qcompriskandaninabilitytoreturntopositivesame-storesales.Lookingahead,thegrossmarginoutlookisfavorablethroughyear-endwhilewebelieveasolidgolfseason(lo
