Fly News Breaks for November 26, 2019
Nov 26, 2019 | 07:27 EDT
Needham analyst Rick Patel lowered his price target on Caleres to $24 after its Q3 results, saying the quarter at Famous Footwear was "strong", but its Brand Portfolio decelerated due to "lumpiness in replenishment orders to wholesale customers". The analyst further notes that the company's Q4 outlook for Brand Portfolio looks "optimistic", though he sees its 2020 view of low-single-digit overall sales growth as achievable based on the performance of Famous Footwear. Patel keeps his Buy rating on Caleres.
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