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Fly News Breaks for January 29, 2020
CAL
Jan 29, 2020 | 06:56 EDT
Needham analyst Rick Patel downgraded Caleres to Hold from Buy. The analyst believes that consensus estimates for the company are "too generous" for 2020 with at an EPS of $2.60, modeling a $2.45 print that accounts for an 8c-10c impact from China trade tariffs. Patel adds that while the forward earnings multiple of 8-times is "attractive" for Caleres relative to its 12-times historical average, he does not anticipate a re-rating until visibility to higher earnings improves.
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