Susquehanna Maintains a 'Positive' on Collective Brands (PSS); Raises PT & Estimates
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Susquehanna maintains a 'Positive' rating on Collective Brands (NYSE: PSS), price target raised to $21.
Susquehanna analyst says, "PSS hosted its annual investor conference yesterday, where its division heads gave a comprehensive overview of the company's product and operational strategies. Coming out of the meeting, we have a greater comfort that the company will be able to execute on its main growth strategies, international and wholesale brand growth, while maintaining a lean operating structure to drive profitability at its Payless domestic division. As a result, we remain Positive on the shares and are increasing our 2010 estimates and price target to $21. The company continues to be a margin story in the near term, with gross margin improvement through product and occupancy cost reductions and a leaner operating structure expected to drive profitability. While the top-line is expected to remain challenging in the near term, particularly comp growth at its Payless domestic division, we believe management is taking the right steps to optimize profitability and capture synergies from the Performance Lifestyle Group (formally Stride Rite)."
To see more analyst ratings on PSS Click Here.
Collective Brands, Inc., through its subsidiaries, engages in the wholesale and retail of footwear and related accessories worldwide.
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