As the new year begins, this Wall Street analyst expects one legacy retail giant to stand out from the pack.

American Consumers Continue ‘To Be Resilient’

TD Cowen's Oliver Chen said he remains optimistic about consumer momentum heading into the new year, citing a strong holiday season as a key driver behind his outlook, as he appeared on CNBC’s “Closing Bell” on Saturday. “Holiday period was very good,” he said, adding that it prompted his team to raise their estimates by 4% to 5%.

Chen pointed to a sharply divided spending landscape, noting that “the top 10% account for 50% of spending,” while consumers overall remain “highly selective.”

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However, he noted that ...