Kohl's upgraded to Buy at BofAML; others concerned about inventory levels


Kohl's (KSS +0.8%) shares tick up after BofAML upgrades shares to Buy from Neutral.

Others aren't as convinced by the retailer's prospects, musing whether its 100-hour stay-open move smacks of "desperation." Hedgeeye's Brian McCough is of that mindset, speculating "Only one reason [Kohl's] opens 24/7 for 5 days. It's simply sitting on too much inventory."

Kohl's was hurt during the holidays last year due to a "huge excess of inventory" (CFO Wesley McDonald's words). Inventory fell 1% Y/Y on a per-store basis in Oct., but inventory turn was also slower, management noted on the last conference call.

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