Standpoint Research Downgrades Shoe Carnival, Inc. to Hold
Standpoint Research downgrades Shoe Carnival, Inc. (NASDAQ: SCVL) from Buy to Hold.
The firm's Ronnie Moas pointed out "Shoe Carnival has jumped 36% and beat the S&P-500 by 2800 bps since I reinstated this recommendation on April 2, 2013. The shares have broken out to an all-time high and are now fairly valued at 19X trailing twelve months earnings, 17X estimates for 2013 and 15X estimates for 2014. There is still a lot to like about this name, but given the absolute (35%) and relative move since May 1 I can no longer leave my highest recommendation attached to this name."