Monday, August 3, 2026

August 3, 2026

Companies and Subjects discussed in this morning's report include: Sally Beauty reports an okay quarter, notes consumer resilience, GameStop's stock falls on debt-for-equity swap, our latest Store Opening/Closing Analysis, asking retail rents continue to rise, Wayfair announces another large-format store...

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DoR Consumer Research

Investor Oriented | Retail & Consumer

Monday, August 3, 2026 | Published Daily by ~11:30 AM ET

Sally's Okay Quarter, GameStop's Debt-for-Equity Swap, Our Store Openings/Closings...

THIS WEEK'S CALENDAR

UPDATED EACH MORNING
All Times Are Eastern

Monday (8/3) 

  • DoRCR publishes its proprietary weekly Store Opening/Closing Analysis
  • Sally Beauty reports 3Q26, call 8:30 am, Street at comps up 0.3%, EPS of $0.53

Tuesday (8/4)

  • Wayfair reports 2Q26, call 8:00 am, Street at sales/EPS of $3.47B/$0.90
  • Haverty Furniture reports 2Q26, call 10:00 am, no Street estimates
  • Steven Madden meeting with investors in NYC at 10:00 am, hosted by BTIG
  • Revolve reports 2Q26, call 4:30 pm, Street at sales/EPS of $341.9M/$0.21
  • Bed Bath & Beyond reports 2Q26, call 4:30 pm, Street at sales/EPS of $362.4M/($0.36)

Wednesday (8/5)

  • DoRCR publishes its proprietary monthly M&A + Capital Markets Analysis
  • CVS reports 2Q26, call 8:00 am, Street at comps down 0.9%, EPS of $1.85
  • ADP Employment for July at 8:15 am, Street at +75K vs. prior +98K
  • Capri reports 1Q27, call 8:30 am, Street at sales/EPS of $756.6M/$0.40
  • Costco reports July sales at 4:15 pm
  • e.l.f. Beauty reports 1Q27, call 4:30 pm, Street at sales/EPS of $434.0M/$0.72
  • thredUP reports 2Q26, call 4:30 pm, Street at sales/EPS of $90.3M/($0.03)
  • a.k.a. Brands reports 2Q26, call 4:30 pm, Street at sales/EPS of $162.6M/($0.35)
  • eBay reports 2Q26, call 5:30 pm, Street at sales/EPS of $3.02B/$1.50

Thursday (8/6)

  • Buckle reports July sales before the open
  • Somnigroup reports 2Q26, call 8:00 am, Street at sales/EPS of $1.88B/$0.58
  • Warby Parker reports 2Q26, call 8:00 am, Street at sales/EPS of $238.0M/$0.10
  • Bob's Discount Furniture reports 2Q26, call 8:00 am, St at comps/EPS of +1.7%/$0.20
  • Jobless Claims for the week ended 8/1/26 at 8:30 am, Street at 206K vs. prior 197K
  • Etsy reports 2Q26, call 8:30 am, Street at sales/EPS of $646.1M/$0.75
  • Arhaus reports 2Q26, call 8:30 am, Street at comps down 1.6%, EPS of $0.16
  • Brilliant Earth reports 2Q26, call 8:30 am, Street at sales/EPS of $111.4M/($0.00)
  • Ralph Lauren reports 1Q27, call 9:00 am, Street at sales/EPS of $1.86B/$4.31
  • Natural Grocers reports 3Q26, call 4:30 pm, Street at sales/EPS of $347.2M/$0.52
  • FIGS reports 2Q26, call 5:00 pm, Street at sales/EPS of $186.2M/$0.07
  • The RealReal reports 2Q26, call 5:00 pm, Street at sales/EPS of $188.1M/($0.02)

Friday (8/7)

  • DoRCR publishes its proprietary Next Week's Calendar
  • Nonfarm Payrolls for July at 8:30 am, Street at +102.5K vs. prior +57K, while Unemployment is expected to be unchanged at 4.2%, Avg Hourly Earnings at +3.5% y/y vs. prior +3.5%
  • Under Armour reports 1Q27, call 8:30 am, Street at sales/EPS of $1.11B/$0.02

**Colors Indicate Directional Change from First Time Shown in Our Calendar**

TODAY'S EARLY TRADING

The S&P Retail ETF (XRT) is up 1.8% as of ~10:40 am vs. a 1.2% gain in the S&P 500, which is higher on renewed hopes for a US/Iran peace deal after President Trump cancels weekend attacks on Iran that were to be the largest "since World War II."

  • Stronger retail stocks include FOSL which is adding to last week's gains and is up 18% on no significant news as far as we can tell, also SBH (up 13% after results), DBGI (up 12%, announces a strategic review), PRPL (up 9%) and CAL (up 8%).
  • Weaker retail stocks include GME, which announced a debt-for-equity swap and is down 11%, also EBAY (down 3%, analyst downgrade), BBY (down 3%, BofA reinstates coverage at Underperform), FND (down 2%) and DLXG (down 2%).

Last Week: The XRT rose 3.2% vs. a 1.1% gain in the S&P 500, which saw some volatility around the Fed's mid-week rate decision but ultimately took its cue from strong results from Amazon, Microsoft and a few others. Retail stocks outperformed as second quarter earnings season continued with a batch of mixed results and as some of the European luxury names reported accelerating sales, driven by strong US demand. Other retail developments included Gildan's announced sale of its HanesBrands Australian Business to BBFIT Investments for an EV of ~US$490M, Reformation's 14.1M share IPO, which priced at the low-end of a $15-$17 per share range, and eBay's completion of its $1.4B acquisition of Depop from Etsy. There were also reports live-shopping company Whatnot is looking to raise new capital at a $20B valuation, up from an $11.5B valuation last October.

  • Stronger retail stocks included FOSL, which rose 22% on no significant news, also RCKY (up 21%, upside 2Q26), volatile DBGI (up 20%), RENT (up 20%) and AMZN (up 17%).
  • Weaker retail stocks included VFC, which reported a soft June quarter and fell 16% on the week, LVLU (down 15%), DXLG (down 10%), SGI (down 9%) and BRLT (down 8%).

2026 Year-to-Date: The XRT is up 3.2% vs. a 1.1% gain in the S&P 500.

  • Stronger retail stocks include LVLU, which is up 212%, also CURV (up 161%), DLTH (up 96%), TLYS (up 91%) and RCKY (up 67%).
  • Weaker retail stocks include DBGI, which is down 97%, also NEGG (down 74%), ODD (down 65%), RENT (down 54%) and PRPL (down 53%).
FactSet

MARKET-MOVING DEVELOPMENTS

All Stock Prices as of Last Close

Sally Beauty (SBH, $14.98) had a soft but overall better-than-expected 3Q26 (June) with mixed performance by segment as Sally Beauty comped up 1.6% and expanded op margin by 80 bps, while Beauty Systems comped down 2.1% and saw 20 bps of margin pressure, and mgmt narrowed FY26 guidance for comps to the mid-point of a 0%-1% range and narrowed EPS by $0.02.

  • Consolidated comparable sales were flat vs. the Street's +0.3% estimate and after +1.3% in the second quarter, while consolidated total sales were flat y/y at $935.5M.
  • Sally U.S. and Canada outperformed and comped up 3.5%, driven by strong demand for hair color, growth in digital and new customer acquisition, and global e-commerce sales increased 11% y/y to $110M and comprised 12% of total consolidated total sales.
  • Adjusted EPS were $0.55, up 8% y/y and slightly above the Street's $0.53 estimate and incorporated 40 bps of consolidated gross margin expansion after +70 bps in 2Q26.
  • Inventories look fine and were down slightly y/y at the end of the quarter.
  • Also of note, SBH repaid $20M of term loan debt and bought back 1.9M shares of its stock for $25M, finished the quarter with a net debt leverage ratio of 1.4x.
  • For FY26: Comps of +0.5% vs. the Street's +0.7%, consolidated sales of $3.725B-$3.733B vs. $3.70B in FY25, adjusted EPS of $2.04-$2.08 vs. $1.90 in FY25 and the Street's $2.06.
  • DoRCR INSIGHT: Another okay report, and mgmt said on the call beauty consumers remain "extremely resilient," but SBH does continue to significantly underperform the broader beauty industry and direct competitors including e.l.f., Ulta and Sephora, also indirect competitors like Walmart and Target, both of which have been calling out beauty as an outperformer.

Analyst Actions that could move retail stocks today:

  • eBay (EBAY, $114.01) Wells Fargo downgrades from Equal Weight to Underweight
  • Birkenstock (BIRK, $38.72) Williams Trading downgrades from Buy to Hold
  • O'Reilly (ORLY, $89.35) Goldman adds the stock to its US Conviction List
  • Dick's Sporting Goods (DKS, $195.91) Goldman removes from its US Conviction List

INDUSTRY INSIGHT

Average retail asking rent grew 2.4% y/y in the second quarter to $24.79 per square foot acc'd to CBRE, which said higher rents are being driven by historically low construction of new retail space and positive net absorption and noted the retail availability rate was unchanged at 4.9%.

  • The 2.4% increase follows a 2.4% increase in the first quarter, to $24.59 psf.

Average Asking Retail Rent

CBRE

Source: CBRE Research

OTHER DEVELOPMENTS

GameStop (GME, $21.72) shares are down sharply in early trading after the company said it will swap $1.4B of debt for stock, a move -- swapping debt for equity -- that will dilute existing shareholders' and oftentimes leads to hedging and short-selling by institutional investors.
Digital Brands Group (DBGI, $15.45) has engaged Roth Capital Partners to assist in a review of strategic alternatives to maximize shareholder value amid concerns about the viability of the business model that have pushed the stock down 97% YTD and market cap to only ~$9M.

  • Alternatives include a potential sale, merger or another strategic/financial transaction.

Puma (Germany) reported weak 2Q26 (June) sales on Friday and attributed the 9% y/y currency-adjusted decline, to EUR1.69B, mostly to ongoing work to reset the business, including inventory clean-up, and also said it continues to expect normalization by the end of this year and reaffirmed full-year guidance for a low- to mid-single-digit decline in currency-adjusted sales.

  • Ending inventories were down 15% y/y, mostly due to lower purchasing volumes.
  • Puma has been reducing its discounts in some channels to build brand equity.
  • Updated (reaffirmed) guidance now includes some impact from war in the Middle East, also the impact of lower US tariff rates and potential tariff refunds.

Amazon CEO Andy Jassy said during the 2Q26 call last week the company had "finally found something that is a real needle mover" in grocery with the rollout of same-day delivery of perishables and noted 90% of the top 10 best-selling items in cities with same-day delivery are perishable items, while monthly active perishable customers are up 50% since the start of 2026.

  • Same-day orders with perishables are averaging 3x more units per order
  • Amazon offers same-day perishables delivery across ~2,300 US cities/towns.

Sycamore Partners has rejected a GBP7B offer for its Boots UK pharmacy business from the Weston family acc'd to The Times, which says the family lowered its offer after another party withdrew from the sales process and notes Sycamore had previously been in talks with potential buyers, including Australian pharmacy group Sigma Healthcare, about a deal valued at ~GBP7.5B.

  • Sycamore acquired Walgreens Boots last year in a deal valued at up to $23.7B.

 

France's LVMH has sold its Patou brand, which has a history in perfume but was relaunched as a fashion label in 2019, back to Dubai-based fragrance entrepreneur Dilesh Mehta and his family. Transaction terms were not disclosed.

COMMERCIAL REAL ESTATE

Wayfair is planning to open a 95K sf store in the Pittsburgh market next year, at North Hills Village, 95K sf, will be the first store in PA and takes total announced Wayfair stores to nine.
Best Buy, which has 1K+ stores in North America, opened two stores last week, an 18K sf store in Jonesboro, AR, and a 28K sf store on Cape Cod in MA, and incoming CEO Jason Bonfig talked to CNBC here about the company's smaller-store strategy around a 12K-15K sf format.
Spirit Halloween plans to open a record 1,575 seasonal stores in the US and Canada this year, starting in mid-August, and is planning to hire 52K seasonal employees, CoStar piece here.
Lidl US, which has 200+ stores in nine states and Washington, D.C., opened a new store in Brooklyn last week, at 573 Grand Street in the Williamsburg area.
Arhaus, which has 100+ showrooms across the country, has relocated a Charlotte, NC store from SouthPark Mall to a new 35K sf freestanding building at The Village at SouthPark.
Missoni (Italy, women's/men's/children's fashion) has opened its 5th US boutique, 1,600 sf, at the Aventura Mall in Miami and its second Miami store after 112 NE 41st Street.

MANAGEMENT UPDATES

We're not seeing anything too significant/noteworthy this morning...

STORE OPENING/CLOSING ANALYSIS

PUBLISHED EVERY MONDAY MORNING
Significant YTD Announcements

So far this year, US retailers have announced plans to open/close ~3,920/~3,480 stores by our analysis, which covers all sectors except auto retail and excludes opening/closing announcements that were made in 2025 and prior but will carry over into 2026 and beyond.

The numbers this time last week were ~3,880/~3,480, and this time last year we tracked ~3,460/~4,060 YTD announced openings/closings.

For all of 2025, we tracked ~5,525 announced store openings, down 20% from 2024, and ~4,820 announced store closings, down 45% from 2024.

Note that openings/closings are specific numbers that have been announced, not completed, and could extend over several years.

Also note we include select non-US retailers (e.g. ALDI, POP MART, Lululemon) in our totals and small numbers of openings/closings if it's a significant development (e.g. digitally-native brands opening their first stores, highlighted below with an asterisk*), that we don't count concessions, pop-ups, seasonal stores, pilots, JV/partner-operated stores, acquired stores, or conversions, and that our closing tally excludes closings that are part of an ongoing business plan.

Latest Store Opening Announcements: O'Reilly reported a strong second quarter last week and said it is still planning to open a net 225-235 stores this year on a base of 6,585 stores, Boot Barn reported an upside 1Q27 (June) and reaffirmed plans to open 70 new stores, which implies mid-teens % y/y growth, and Crocs reported a better-than-expected 2Q26 (June) and said it opened 34 owned and operated stores in the quarter after opening six in the first quarter.

Crocs has not said how many stores it plans to open for the year overall, but we are now showing the 40 company owned and operated stores that have opened 2026 YTD in our totals.

Chain Store Age said last week Nordstrom Rack is planning to open 20 new stores by early-November and has announced six new stores and one relocation so far for 2027 as it capitalizes on the closing of most of the 57 Saks OFF 5TH stores and all five of the Neiman Marcus Last Call stores, so we are bumping up our total Nordstrom Rack announced openings from 23 to 25+.

Also last week, Floor & Decor reported a tough but better-than-expected 2Q26 (June) and said it still plans to open 20 new warehouse stores this year on a base of 270 to end 2025.

Latest Store Closing Announcements: There were no significant announcements last week.

Openings

  • Dollar Gen (~450 on ~20,900 note)
  • Casey's (400+ on 2,900+ note)
  • Dollar Tree (~400 on 9,282)
  • O'Reilly (225-235 net on 6,585 note)
  • 7-Eleven NA (200+ on 13K+)
  • ALDI USA (180+ on 2,600+ note)
  • Five Below (~150 net on 1,921)
  • TJX (146 net on 5,200+ globally)
  • Yesway (130 on ~450)
  • Academy Sports (~125 on 322 note)
  • Burlington (115 net on 1,212)
  • Ross Stores (110 on 1,900+)
  • Kroger (105-120 on ~2,800)
  • Goodwill (100+ on ~3,400)
  • Whole Foods (100 on 550+)
  • Sheetz (100 on 830+)
  • Paymore (90+ on 100+)
  • Tractor Supply (85-90 on 2,395 note)
  • Ollie's Bargain Outlet (75 on 645)
  • SKIMS* (73 on 27)
  • Boot Barn (70 on 539)
  • Citi Trends (~65 on 590+)
  • Bath & Body Wks (60+ net on 2,500)
  • CVS (~60 on ~9K note)
  • Barnes & Noble (60 on 670)
  • Tailored Brands (55+ on 1K+ note)
  • Urban Outfitters (54 on 784 owned)
  • Levi Strauss (50-60 net on 3,400+)
  • Ulta Beauty (50-60 net on 1,591)
  • Build-A-Bear (50+ net on 660+ note)
  • Abercrombie (50 on 829 owned)
  • Warby Parker* (50 on 323)
  • Perfumania (43 on 280+)
  • Advance Auto (40-45 on 4,300+)
  • Lululemon (40-45 net owned on 811)
  • Crocs (40 on ~400 owned/operated)
  • Aerie and OFFLINE (~40 on 330+)
  • Fabletics* (40 on 120)
  • Dick's House of Sport (32 on 35 note)
  • Grocery Outlet (30-33 net on 570)
  • Target (30+ on ~2K note)
  • Trader Joe's (30+ on 600+)
  • Vuori* (30 on ~150)
  • Birkenstock Amer (30 net on ~15)
  • Ernesta* (26 on 4)
  • Nordstrom Rack (25+ on ~300)
  • Fleet Feet + Marathon (~25 on 310+)
  • Genesco (23 on 1,236)
  • Dick's Field House (22 on 42 note)
  • POP MART US (20+ on 60+)
  • Walmart U.S. (~20 on 4,600+ note)
  • Love's Travel Stops (20 on ~670)
  • Williams-Sonoma (~20 on 512)
  • Floor & Decor (20 on 270)
  • Bob's Discount Furn (~20 on 209)
  • Kendra Scott (20 on ~170 note)
  • Consumer Cellular (20 on 100)
  • HEYDUDE (~20 mostly outlets on 75)
  • Cotopaxi* (20 on 20)
  • Bu-cee's (17 announced on ~55)
  • Home Depot (~15 on 2,359)
  • Windsor (15 on ~350)
  • Golf Galaxy (~15 on 113)
  • IKEA US (~15 on 54)
  • UNIQLO USA (14 on 78)
  • Aritzia (12-13 mostly US on 144 total)
  • Caleres (12 on ~820)
  • Shoe Carnival/Station (11-15 on 426)
  • The Buckle (11-13 net on 440)
  • Advance Mega Hub (10-15 on 33)
  • Garage (10-12 net on 300)
  • Signet Jewelers (up to 10 on 2,582)
  • Publix (~10 on 1,400+)
  • La-Z-Boy (10 on 380 total N America)
  • Cato (up to 10 on 1,070)
  • Vivaia* (10 on 1)
  • Lovesac (8 net on 278)
  • a.k.a.'s Princess Polly* (8 on 13 US)
  • Sukoshi (8 on 9 US)
  • Salomon (7-10 on 2 US)
  • Purple (7 on 55)
  • BYLT* (7 on 15)
  • Haverty Furniture (6 net on 129)
  • Big Y (6 on 77)
  • RH (6 on 75)
  • Wayfair* (6 on 2 note)
  • Zumiez (5 US on 716 total worldwide)
  • Meijer (~5 on 500+)
  • Boll & Branch* (5 on 15)
  • Kurt Geiger London (5 on 5 US)
  • Arhaus (4-6 on 107)
  • U.S. Polo Assn. (4 on 1,200+)
  • Food Lion (4 on 1,100+)
  • Best Buy (4 net US on 1K+ in NA)
  • Tilly's (4 on 224)
  • Ocean State Job Lot (4 on 175)
  • Vera Bradley Outlet (4 on 87)
  • True Religion (4 on 57)
  • Chair King (4 on 52)
  • FIGS* (4 on 5)
  • Ana Luisa* (4 on 2)
  • Joybird* (3-4 on 16)
  • Madewell (3 on ~150)
  • Albertsons' Tom Thumb (3 on ~70)
  • Brilliant Earth* (3 on 42)
  • Suitsupply (3 US on ~40 US)
  • COS US (3 on 12)
  • Whole Foods Mkt Daily Shop (3 on 8)
  • Brochu Walker (3 on 5)
  • BRUNT Workwear (3 on 0)
  • Bass Pro Shops (2 on 180+)
  • Bassett Furniture (2 on 86)
  • YETI (2 on 25+)
  • FRAME (2 on 20+)
  • CardVault by Tom Brady (2 on 10)
  • Yellow Rose Kendra Scott* (2 on 3)
  • Amazon* Big Box (2 on 0)
  • Cider* (2 on 0)
  • J.Jill (1-5 net on 256)
  • 7th Avenue* (1 on 20+)
  • Thursday Boot Company* (1 on 4)
  • Revolve* (1 on 2)
  • Povision* (1 on 0)
  • Addison Bay* (1 on 3)

Closings

  • GameStop (700+ US of 2,300+ note)
  • 7-Eleven NA (645 of 13K+)
  • Francesca's (450+ of 450+)
  • Family Dollar (350+ of 7,450+)
  • Hibbett (~175 of ~980)
  • Eddie Bauer US + Can (~175 of ~175)
  • Signet Jewelers (~100 of 2,582)
  • Value City Furniture (79 of 79)
  • Dollar Tree (~75 of 9,282)
  • Genesco (75 of 1,236)
  • Tractor Supply's Petsense (75 of 207)
  • West Marine (59 of 200+)
  • Saks OFF 5TH (57 of 69)
  • Amazon Fresh (57 of 57)
  • Cato (up to 40 of 1,070)
  • Grocery Outlet (36 of 570)
  • CVS (~35 of ~9K note)
  • Zumiez (26 of 716 total worldwide)
  • American Eagle (20-25 AE of 805 AE)
  • Abercrombie (20 of 829 owned)
  • Williams-Sonoma (~20 of 512)
  • Allbirds* US full-price (~20 of ~20)
  • Urban Outfitters (19 of 784 owned)
  • Shoe Carnival/Station (18-24 of 426)
  • Saks Fifth Avenue full-line (18 of 33)
  • Petco (15-20 net of 1,382)
  • Caleres (15 of ~820)
  • Fossil (15 of 199)
  • Amazon Go (15 of 15)
  • Albertsons (14 net of 2,200+)
  • Ross Stores (10-15 of 1,900+)
  • Amer. Signature Furniture (10 of 10)
  • Tilly's (6 of 224)
  • Sportsman's Warehouse (5 of ~150)
  • Johnny Was (5 of 78)
  • Neiman Marcus Last Call (5 of 5)
  • Neiman Marcus full-line (4 of 36)
  • Apple US retail (3 of ~270)
  • Vince (3 net of 60)
  • Nordstrom (2 of ~90 full-line)

MACRO/CONSUMER INSIGHT

Out Friday, U. Mich. Sentiment (final) for July was 55.2, a slight improvement from the preliminary read of 54.4 and up nearly 12% from June, driven by broad-based improvements across income, education, wealth, age and political affiliation cohorts, though sentiment is down 10% from this time a year ago on concerns about the economy and persistent/cumulative inflation.

  • Year-ahead inflation expectations eased from +4.6% in June to +4.2% in July.
  • DoRCR INSIGHT: Weak sentiment hasn't kept consumers from spending and hasn't been correlated to Retail Sales, which increased 6.7% y/y in June on a headline basis and 10%+ on a core basis, supported by the strong labor market, wage growth, and stock/housing wealth.

Out Thursday, Jobless Claims for the week ended 7/25/26 were lower than expected at 197K and up 9K from a revised 188K the prior week, while Continuing Claims, which are reported with a week's lag and indicate how long it's taking those out of work to find jobs, declined slightly, to 1.78M.

  • DoRCR INSIGHT: The labor market slowed significantly last year but appears to be in recovery mode despite AI, geopolitical instability/uncertainty, the spike in fuel prices, etc., and this is good for consumer spending, though higher fuel prices do erode discretionary spending power.

Also out Thursday, Personal Income for June was slightly below expectations at +0.2% m/m vs. the Street's +0.4% estimate and after +0.7% in May, while Personal Spending was slightly below expectations at +0.3% vs. the Street's +0.5% estimate and after a revised +0.9% in May.

  • The Personal Savings rate declined to 2.7% in June, the lowest in four years.
  • DoRCR INSIGHT: Consumer spending grew by a 3.2% annual rate in the second quarter, a significant acceleration from +0.5% in 1Q26, driven in part by tax refunds/cuts, wage growth, and, to some extent, stock market gains, also some tapping of personal savings.
Bloomberg

SELECT ANALYST ACTIONS

Best Buy (BBY, $86.26) BofA reinstates coverage with an Underperform rating and $80 target, thinks investors are underestimating product risk from ongoing industry price increases with consumers highly focused on and sensitive to value and sees risk to Street estimates.
Birkenstock (BIRK, $38.72) Williams Trading downgrades from Buy to Hold and lowers its target from $46 to $44 in front of 3Q26 (June) results next Thursday morning, says Birkenstock may be losing its premium positioning as consumers in Europe lose their sense of urgency to pay full price and thinks this dynamic could be expanding to the US, sees risk to Street expectations.
Dick's Sporting Goods (DKS, $195.91) Goldman removes the stock from its US Conviction List in front of upcoming 2Q26 (July) results and as part of its monthly update of the list.
eBay (EBAY, $114.01) Wells Fargo downgrades from Equal Weight to Underweight and lowers its target from $105 to $92 in front of 2Q26 (June) results Wednesday afternoon, lowers its earnings forecast by 10% to reflect anticipated dilution from the Depop acquisition and says eBay will need to boost marketing spend for Depop to fend off competitor Vinted's US market entry.
O'Reilly (ORLY, $89.35) Goldman maintains a Buy rating and $113 target and adds the stock to its US Conviction List after last week's 2Q26 (June) results and as part of a monthly update of the list, says O'Reilly is well positioned vs. competitors and gaining market share in the DIFM market.
RH (RH, $165.52) BofA reinstates coverage with an Underperform rating and $156 target, thinks it is unlikely the housing market significantly improves in the back half of the year and believes there are other housing-related stocks that have more diversified revenue streams to outperform RH during the current housing downturn, notes core furniture represents 80% of RH brand revs.

Search Select Analyst Actions for the past 12 months here

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