Hudson’s Bay Gets a Hold Rating from TD Securities

By Carrie Williams

In a new note to investors yesterday, an analyst has provided a rating update for the Services sector company, Hudson’s Bay (TSX: HBC). The company received a Hold rating from TD Securities’ analyst Brian Morrison, with a C$10 price target.

Morrison wrote:

“We highlight that a conference call is scheduled to be held this morning.”

According to TipRanks.com, Morrison is ranked #1614 out of 4570 analysts.

Currently, the analyst consensus on Hudson’s Bay is Hold and the average price target is C$11.60, representing a 34.7% upside.

In a report issued on June 5, Canaccord Genuity also reiterated a Hold rating on the stock with a C$11 price target.

Based on Hudson’s Bay’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of C$4.6 billion and GAAP net loss of C$152 million. In comparison, last year the company earned revenue of C$3.3 billion and had a GAAP net loss of C$97 million.

Hudson’s Bay Co. engages in the ownership and operation of department stores. The firm operates under the Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, FIND @ Lord & Taylor, Home Outfitters, Galeria Kaufhof, Galeria INNO, and Sportarena brands. It also invests in real estate joint ventures. The company was founded on May 2, 1670 and is headquartered in Toronto, Canada.

The company’s shares closed last Friday at $8.61, close to its 52-week low of $8.44.