UPDATE: Canaccord Genuity Initiates Hold on DSW on Near-Term Earnings Pressure

On Monday, Canaccord Genuity initiated its coverage on DSW DSW with a Hold rating and a price target of $62 on shares. Canaccord Genuity noted, "We view DSW as a best-in-class retailer with strong prospects for longterm market share gains. That said, our enthusiasm for DSW's strategic direction and industry positioning is tempered by concerns around near-term earnings pressure through Q3/12. We believe limited upside to earnings for the next two quarters will keep the stock range-bound and, as such, we believe estimates will need to come down before we become constructive on the shares." DSW closed at $55.94 on Friday.