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Fly News Breaks for November 26, 2019
Nov 26, 2019 | 08:27 EDT
Loop Capital analyst Laura Champine lowered her price target on Caleres to $25 after its "disappointing" Q3 result, with better than expected sales from Famous Footwear offset by the slower rate of growth in its brand portfolio. The analyst notes that in spite of the favorable SG&A rate, Caleres' gross margins saw a 40bps miss relative to her model, and she is cutting her Q4 earnings forecast by 3c to 57c. Champine still keeps her Buy rating on Caleres and sees the stock as "attractive" at 7.5-times her expected FY20 earnings.
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