Caleres price target lowered to $26 from $28 at Piper Sandler

Piper Sandler analyst Abbie Zvejnieks lowered the firm’s price target on Caleres to $26 from $28 and keeps a Neutral rating on the shares. Coming away from ICR, the analyst thinks consumers are being more selective. However, strong brands with newness and innovation continue to drive demand, Zvejnieks tells investors in a research note. She believes the promotional environment will continue to be a headwind through the first halve of 2023 as excess inventory is cleared.