Susquehanna Reiterates a 'Positive'on Shoe Carnival (SCVL); Compelling Opportunity At Current Level
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Susquehanna reiterates a 'Positive' rating on Shoe Carnival (Nasdaq: SCVL), raises price target from $18 to $23.
Susquehanna analyst says, "SCVL reported significantly better than expected 3Q EPS results of $0.59 compared to our $0.34 estimate and the $0.32 consensus. The solid beat was mainly due to a 10.2% comp increase (vs. our +6% estimate), which led to significant operating leverage (+410 bps). Comps were driven by momentum in the athletic, boot, and wellness categories (Shape-ups), which drove increased store traffic (+5.7%). We believe consumers are beginning to respond to SCVL's price/value relationship and strong trend-right product offerings. Moving forward, the company expects a positive 4Q comp (+3% to 5%) based on the continued strength of the boot and wellness categories and stable athletic trends. We are very comfortable with our increased estimates and believe the 4Q comp guidance could prove conservative, particularly if the wellness trend continues to gain momentum and boots remain strong. Given yesterday's stock price decrease with the rest of the market (down 1%) and our increased estimates (+37% for FY10), we view SCVL as a very compelling opportunity at these levels."
To see all the upgrades/downgrades on shares of SCVL, visit our Analyst Ratings page.
Shoe Carnival, Inc., together with its subsidiaries, operates as a footwear retailer.
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