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Fly News Breaks for December 10, 2019
DBI
Dec 10, 2019 | 13:16 EDT
William Blair analyst Dylan Carden downgraded Designer Brands to Market Perform from Outperform following the company's Q3 earnings report. In a research note partially titled "Back to Talking About the Weather," the analyst said it was "damning" that the company reverted to talking about weather trends as the reason for its sales shortfall. Additionally, he noted that the company lowered its EPS guidance by 20% at the midpoint, and that management admitted to "overcompensating for an anticipated decline in demand stemming from tariffs." Carden said he has less confidence in the company's 2020 estimates now, and as such, downgraded the stock given the lack of visibility. In afternoon trading, shares of Designer Brands are lower by 17.7% to $14.01.
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