Standpoint Research Starts Shoe Carnival (SCVL) at Buy; Recent Dip Creates Attractive Opportunity

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SCVL Hot Sheet

Rating Summary:
3 Buy, 2 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Standpoint Research initiates coverage on Shoe Carnival (NASDAQ: SCVL) with a Buy. PT $30.00.

Analyst, Ronnie Moas, said, "SCVL is a name we were looking at third week in December. It ran up from $23 to $26 while we were looking at it. Lucky for us it has come back down and we can step in at this time. Shares are down today on a weather related warning. Warm winter hurt boot sales as we see with Deckers (Nasdaq: DECK) 30% share price decline since late October. DECK is not an open recommendation of ours."

"I spoke with CFO Jackson this morning – he has been with the company since 1988. SCVL currently has 330 stores and they will be well over 500 by the end of the decade. They may even get close to 600...They will be opening 25-50 stores per year and have no debt. They have been cash flow positive nine years out of ten and the shares are now trading at just 9X our earnings projection for 2013-2014."

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 $24.38 yesterday, with a 52 week range of $19.19-$34.05.

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