Key Takeaways
Kohl’s ( KSS ) shares slumped Wednesday, extending recent losses as some analysts said they think it could keep falling.
The retailer's stock dropped roughly 6% to close at $8.61 Wednesday, leaving the stock down nearly 30% for the week so far, near its lowest levels since the 1990s. It's lost about two-thirds of its value in the past 12 months.
The company’s new CEO Ashley Buchanan on Tuesday detailed plans for a turnaround in 2025. However, some Wall Street analysts warned the struggling retailer could still face a long and hard road to recovery.
Bank of America analysts told clients Wednesday that "a sales rebuild will be challenging given the tough consumer environment." Kohl's short-term efforts could improve the customer shopping experience, they said, but due to long lead times, product-based changes could take longer.
The analysts slashed their price target for the stock to $8 from $15, suggesting it could fall another 7%. That's slightly below the average of analysts surveyed by by Visible Alpha at $9.
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