Wedbush Starts DSW Inc. (DSW) at Neutral
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Wedbush initiates coverage on DSW Inc. (NYSE: DSW) with a Neutral rating and a price target of $22.00.
Analyst Christopher Svezia commented, "We are initiating coverage of DSW with a NEUTRAL rating and $22 PT or 14x P/E. While management is working toward stabilizing its business, the story lacks a measured catalyst to materially improve operating performance. Athletic continues to be the strongest category while the balance of the assortment continues to be mixed. A broader consumer acceptance of nonathletic styles or more consistent seasonal inventory discipline would be a plus. Strong cash flow, which supplements its industry-leading dividend (3.85%) and solid buyback program, should provide support in the interim."
Shares of DSW Inc. closed at $20.49 yesterday.
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