Kohl’s price target lowered to $7 from $8 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Kohl’s (KSS) to $7 from $8 and keeps an Underperform rating on the shares after Ashley Buchanan, who became CEO in January, was terminated for failing to disclose conflicts of interest with a vendor. The company also announced preliminary Q1 guidance that was better than expected, but the firm thinks another management change in the midst of a volatile macro backdrop and already challenging sales rebuild will be “a distraction,” so it reiterates an Underperform rating and trims its target.