The analysis focuses on Kohl's (KSS). Management indicated satisfaction with results, though comparable sales decreased by 4.2%. Adjusted earnings per share were $0.56, exceeding expectations. Gross margin expanded by 30 basis points, with inventory lowered by 5% and SG&A expenses reduced by 4%. The analyst updated a discounted cash flow valuation, noting an increase in the company's intrinsic value due to decreased total debt and increased non-operating assets. This leads to an intrinsic value per share close to $26, while the current market price is $16.43. Based on the analysis, KSS stock is undervalued, leading to an upgrade in the analyst's rating to a "Buy" for the first time in 2025.