Brazilian Retailers "UBS Shopping Cart: Amazon last-mile delivery; Cross..."

研报英文原文证据摘录

Brazilian Retailers "UBS Shopping Cart: Amazon last-mile delivery; Cross..."

UBS Global Research

Target Corporation: Bullseye in Sight

While we think Target’s first quarter 2026 result resoundingly supported the bull

case on the stock, the market did not fully agree. In reality, the stock price reaction

was more a reflection of positioning versus anything else. But, the response elicited

a boisterous discussion on two of the key questions overhanging the stock: 1) Is the

first quarter performance sustainable; and 2) How should the market value the

outlook for Target? See full report here.

VF Corp Inc: Mixed 4Q Report; Lower PT by $2, but Reiterate Neutral Rating

We lower our PT by $2 to $18 after a mixed 4Q report. While revenue and gross

margins came in above expectations, they were impacted by timing shifts and one-

off items. We raise our gross margin outlook as we believe margins might benefit

from fewer discounts, but now believe the Vans turnaround might take longer than

previously anticipated. We don’t see any catalysts over the next few months that

have the potential to change our view or the stock's P/E. Thus, we continue to rate

VFC Neutral. See full report here.

Urban Outfitters: Good Quarter, but Our Rating Remains Neutral

URBN delivered a beat & raise 1QCY26 report, including 11.4% total company sales

growth. This causes us to raise our CY26 EPS estimate ~6%. Interestingly, our EPS

estimates keep rising, but the stock has been rangebound over the LTM. This is

starting to make the stock’s valuation look attractive. We forecast a 6% 5-yr. EPS

CAGR and yet the stock trades at just ~12x our new CY26 EPS estimate. If a

company-specific catalyst emerges and/or risks around oil prices and tariffs fade, it

could cause us to get more positive on the stock.