Caleres initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Caleres with a Sector Weight rating and no price target. The company has done significant work over the last four years to right-size the business and build momentum, the analyst tells investors in a research note. The firm believes Caleres’ Brand Portfolio is gaining momentum but says current trends in Famous Footwear could serve as a headwind in the near-term as consumers continue to make more selective buying decisions. It waits for signs of improvement before growing more confident in the shares.