Jefferies Raises Price Target on Caleres (CAL) Following Solid 3Q

November 23, 2016 8:38 AM EST
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Price: $33.52 +1.95%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 28 | Down: 20 | New: 17
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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."

For an analyst ratings summary and ratings history on Caleres click here. For more ratings news on Caleres click here.

Shares of Caleres closed at $28.45 yesterday.

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