Kohl's shares surged to $19.53 driven by strong retail buy interest, resulting in significant trading volume of 105.6 million shares. The stock's rapid rise was influenced by high short interest, making it susceptible to short squeezes. Goldman Sachs upgraded its price target on Kohl's while still holding a sell rating. Retail sales also saw growth, up 0.6% in June, which enhanced market sentiment. The company reported a narrower EPS loss of 13 cents compared to expectations, showcasing some operational improvements amidst revenue declines.
Shares of Kohl's skyrocketed to $19.53 due to explosive retail buy interest, doubling in value after appearing on StockTwits and reaching a trading volume of 105.6 million.
Kohl's had a short interest of about 53 million shares, making it vulnerable to rallies typical of heavily shorted stocks, contributing to today's upward momentum.
Goldman Sachs raised its price target on Kohl's to $7 despite maintaining a sell rating, indicating confidence amidst volatility. Retail sales increased 0.6% in June, signaling consumer resilience.
Kohl's first quarter showed an EPS loss of 13 cents which beat expectations by nine cents, indicating better-than-anticipated performance despite a revenue decline.
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