What Happened?
Shares of department store chain Dillard’s (NYSE:DDS) jumped 3% in the afternoon session after JPMorgan Chase & Co. raised its price target on the retailer. Investment analysts at the firm increased their price objective to $458.00 from $368.00, citing a strong end to the quarter that was driven by a rise in consumer activity in July. Despite the upgraded price target, JPMorgan maintained its 'underweight' rating, which signaled a continued cautious outlook on the stock's performance relative to the market. The market reacted positively to the price target change, and the shares reached a new all-time high of $511.02 during the session.
After the initial pop the shares cooled down to $509.70, up 2.3% from previous close.
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What Is The Market Telling Us
Dillard’s shares are quite volatile and have had 18 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Dillard's is up 13.1% since the beginning of the year, and at $509.70 per share, has set a new 52-week high. Investors who bought $1,000 worth of Dillard’s shares 5 years ago would now be looking at an investment worth $20,864.
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