Sterne Agee CRT Reiterates Buy on Shoe Carnival (SCVL) After Meeting with Management

Sterne Agee CRT maintained a Buy rating and $27.00 price target on Shoe Carnival (NASDAQ: SCVL) after meeting with management. Management is very focused on its loyalty program, Shoe Perks. which is key to driving business. Also, the Olympics will be able to be viewed live in the U.S. for the first time since 1996. The summer Olympics drove a double-digit SSS increase in August of 2012.

Analyst Sam Poser commented, "We hosted meetings with Shoe Carnival CFO Kerry Jackson in Boston on Tuesday. We came away confident that SCVL is well positioned for the balance of 2016. The Olympics will be able to be viewed live in the U.S. for the first time since 1996. The summer Olympics drove a double-digit SSS increase in August of 2012, and new product and marketing initiatives from key brands should begin to drive sales acceleration in late 2Q16. Outside of the balance of the year, SCVL management is taking a realistic view of the world and is taking numerous actions which should position the company well for long-term profitable growth."

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

Shares of Shoe Carnival closed at $22.50 yesterday.

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