Dillard's catches striking upgrade from BofA

Bank of America steps into the department store sector to place a bet on Dillard's (DDS) with a Buy rating.

The investment firm notes that Dillard's is transitioning itself into an increasingly mid-tier department store in a move that could help it protect margins.

Also of note is the company' substantial free cash flow which could flow right into buybacks.

BofA's price target of $110 on Dillard's reps 22% upside potential to make it one of the bolder calls in the beat-up sector.

Shares of DDS are inactive premarket, but expect a bounce.

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