Deutsche Bank repeated its prior warnings about Sears Holdings Corp. (SHLD) and continued to say stay away. Following the retailer’s annual meeting on Monday, Deutsche is not convinved Sears’ overall strategy, which includes an “incredibly complicated” reorganization, is a winning one:
Deutsche Bank analyst Bill Dreher:
“Sears Holdings simply does not have the systems or operational procedures to control business in this extremely difficult retailing environment.”
Deutsche maintains SELL, cuts target from $89 to $87. Goldman Sachs also reiterated its SELL rating, citing similar concerns.