New York, October 10 (FinanceEnquiry.com) – Analysts at Sterne Agee upgrade their rating on the shares of Shoe Carnival Inc (NASDAQ: SCVL). The 12-month target price is set to $28.
In a research note published on October 9, the analysts mention that mainly on expansion of square footage, rating of Shoe Carnival has been increased. Furthermore, again a positive attitude is carried on the company when three days were spent with the Chief Financial Officer of Shoe Carnival.
However, on the basis of valuation, the action of downgrading SCVL to NEUTRAL in late August was done. In addition to this, latest information that warranted reiterating BUY rating was not observed. Moreover, the leverage latent on moderate same store sales (SSS) augments, however on the other hand, it is realized at this time that the square footage growth of Shoe Carnival was undervalued
Besides this, so to assist in decreasing its store opening costs in the future, it is believed that Shoe Carnival requires developing the branding of the company. Furthermore, on October 8, Shoe Carnival was closed at $22.65, the analysts add further.
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