Momentum Intact; Raise PT and Reiterate Buy Rating

研报英文原文证据摘录

Momentum Intact; Raise PT and Reiterate Buy Rating

Global Research

10 July 2026ab

Aritzia Inc Equities

AmericasMomentum Intact; Raise PT and Reiterate Buy

Rating Retailers, Apparel

12-month rating Buy *

12m price target C$216.00Our PT implies 45% upside, driven by sustained sales momentum:

Prior : C$204.00

We believe ATZ's investments in differentiated store concepts, increasing brand

relevance, diversified product assortment, and digital marketing initiatives should drive Price (09 Jul 2026) C$148.98

compelling LT growth. ATZ's 35% y/y 1Q comp sales growth, strong 2Q outlook and RIC: ATZ.TO BBG: ATZ CN

better than expected FY27 guidance update reinforce our view it is successfully

executing its growth playbook. We believe the combination of DD% sales growth and Trading data and key metrics

margin expansion should lead to a 26% 5-yr. EPS CAGR. We think this outlook makes 52-wk range C$173.20-70.95

ATZ one of Softlines best growth stories and justifies a ~28x P/E. We expect strong EPS Market cap. C$17.7b/US$12.5b

growth over the NTM to catalyze the stock towards our C$216 PT. Shares o/s 119m (COM)

Free float 100%

Three key takeaways from 1Q report that keep us bullish: Avg. daily volume ('000) 696

1. Strong 1Q results and continued 2Q momentum. ATZ delivered 43% revenue Avg. daily value (m) C$103.4

growth and 35% comp growth in 1Q. Plus, management noted trends Common s/h equity (02/27E) C$1.92b

accelerated exiting Q1 and into 2Q. Importantly, these trends reflect broad-based P/BV (02/27E) 8.9x

growth, including DD% expansion in Canada. In our view, this should ease Net debt to EBITDA (02/27E) NM

investors’ concerns about the health of ATZ’s domestic business.

EPS (UBS, diluted) (CAD)

2. FY27 sales guidance raise should positively surprise investors. Management 02/27E