Burlington Stores: Shorting The Snapback Rally

BURL's gains since November aren't as illogical as they seem — but the optimism is still too much

📍 TLDR

• After a 40%-plus rally since November earnings, BURL seems like a slam-dunk short. Shares are trading at over 50x this year’s earnings while the business heads in the wrong direction.

• There may be some logic to the bull case. But with another 11% tacked on already in 2023, the stock has run too far even if the bull case does play out.

• There’s a str…