Jefferies Raises Price Target on Caleres (CAL) Following Solid 3Q
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Jefferies reiterated a Hold rating on Caleres (NYSE: CAL), and raised the price target to $27.00 (from $24.00), following the company's 3Q earnings report. The company maintained its annual outlook for the third quarter in a row with 25-35 bps of GM expansion and 5-15 bps of SG&A leverage on top-line of $2.57-2.60B for F'17.
Analyst Randal Konik commented, "Caleres drove solid 3Q results against a challenging retail backdrop. Better than expected top-line at Famous Footwear and GM expansion helped deliver a bottom-line beat. That said, we continue to view risk/reward balanced here and maintain our Hold rating. PT to $27."
Shares of Caleres closed at $28.45 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Randal Konik
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