Dillard's: Rating Upgrade As There Are Positive Green Shoots

Group 1 - The previous investment stance on Dillard's (NYSE: DDS) was a sell rating due to expected pressure on EPS, declining sales, and contracting margins [1] - After reviewing 2Q25, the focus is shifting towards long-term investments while also considering short-term shorts to identify alpha opportunities [1] - The investment strategy is based on bottom-up analysis, emphasizing the fundamental strengths and weaknesses of individual companies [1] Group 2 - The investment duration is medium to long-term, aiming to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]