< The 2015 All-America Research Team
Kimberly Greenberger
Morgan Stanley
First-place appearances: 0
Total appearances: 16
Analyst debut: 2003
Morgan Stanley researcher Kimberly Greenberger held the No. 2 positions last year on the Retailing/Broadlines & Department Stores and Retailing/Specialty Stores rosters — her eighth straight such showing on the latter list — and retains second place on this new list, which reflects tracking of department and specialty stores as well the former Apparel, Footwear & Textiles sector. Greenberger leans slightly cautious on her industry, though her support for the off-price subsector is unreserved. “Recession-driven discounting and the expansion of off-price retailers permanently shifted shopper expectations that great brands could be found at low prices,” explains the 46-year-old analyst. “At a time when most other apparel retailers are having difficulty driving customers to their stores, off-price retailers are experiencing positive traffic.” She predicts that they will continue to take share in the apparel market, driving returns above the sector average. Especially appealing on this theme is New Jersey’s Burlington Stores, which Greenberger has been advising clients to overweight since hiking her rating from equal weight in February 2014, in part on valuation. The company has transformed itself from a department-store model into an off-price retailer, she explains, and she sees more room for improvement and for strong margin expansion. Sure enough, by the middle of last month, the stock had soared 116.5 percent, to $54.40, compared with the broad market’s 8.8 percent gain.