Market Overview

UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT on DSW

Related DSW
Top 4 Mid-Cap Stocks In The Apparel Stores Industry With The Highest EPS
CNBC's Stock Pops & Drops From August 26

In a report published Wednesday, Canaccord Genuity reiterated its Hold rating on DSW (NYSE: DSW), and raised its price target from $62.00 to $66.00.

Canaccord Genuity noted, “Our cautious stance going into Q3 was unfounded as DSW reported strong Q3 adjusted EPS of $1.02 vs. our $0.87 and consensus of $0.89.Relative to our model, lower incentive comp fully offset pre-opening expenses driving a majority of the beat (+9c), while solid comp growth (+2c) and higher gross margins (+3c) also contributed. The low end of full year guidance was raised by 5c, implying an 8c reduction to 4Q, likely due to Sandy and conservatism. While this was a good quarter, we maintain our HOLD rating as valuation at 17.5x P/E appears full.”

DSW closed on Tuesday at $67.80.

Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings

 

Related Articles (DSW)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters