UPDATE: KeyBanc Initiates Hold on DSW: Growing, But Valuation Fair

KeyBanc initiates its coverage on DSW DSW with a Hold rating on strong earnings potential that has already been priced into shares. KeyBanc notes, "DSW is a unique big-box concept with strong earnings growth potential over the longer term; however, current valuation already incorporates margin expansion. As a result, we initiate coverage with a HOLD rating. …With near-term earnings pressure ahead, we would consider any pullbacks in the stock price as opportunities to build positions in this high-quality name." DSW closed at $57.55 on Thursday.