BJ's Wholesale: The 8% Selloff Looks Overdone, But I'm Still Not Buying
BJ's Wholesale Club experienced an 8% decline in stock price following its Q1 earnings report, primarily due to weak core merchandise comparisons. Despite this drop, the company maintains that its guidance for FY24 is still achievable, with expectations of improved performance in the coming quarters. The stock's valuation has decreased, leading to a price target of $101 based on future earnings projections.
- ▪BJ's Wholesale Club stock fell 8% after Q1 as core merchandise comps weakened.
- ▪The company expects easier comparisons ahead and non-recurring weather-related disruptions.
- ▪Adjusted EPS guidance for FY24 is set between $4.40 and $4.60.
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