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Kohl's shares fell on Wednesday, extending their recent losses as Bank of America analysts suggested they could continue to decline.
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The company's new CEO, Ashley Buchanan, detailed detailed plans for the turnaround on Tuesday, but analysts warned that retailers could face a challenging path to recovery.
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Wednesday's losses have resulted in the stock losing almost 30% of its value this week, losing two-thirds of its value in the past 12 months.
Coles (KSS) Shares fell on Wednesday, extending recent losses as some analysts thought it could continue to decline.
Retailer's stock fell about 6% to close at $8.61 on Wednesday, bringing the weekly stock price down nearly 30%, near its lowest level since the 1990s. About two-thirds of its value have been lost in the last 12 months.
The company's new CEO Ashley Buchanan detailed on Tuesday Turnaround Planning However, it's 2025. However, some Wall Street analysts warned that struggling retailers could face a long and difficult path to recovery.
Analysts at Bank of America told clients Wednesday that “rebuilding sales will be difficult given the harsh consumer environment.” They said that call's short-term efforts could improve the shopping experience for customers, but due to long lead times, product-based changes can take time.
Analysts have suggested that the stock's price target could be reduced from $15 to $8, potentially falling by another 7%. This is slightly below the average of the analysts surveyed by visible alpha at $9.
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