Piper Sandler analyst Abbie Zvejnieks raised the firm’s price target on Caleres to $30 from $27 and keeps a Neutral rating on the shares. Despite challenging topline trends, the firm’s EPS estimate for FY23 has stayed roughly consistent through the year due to strong operational excellence from the Caleres team. The company has shown strong inventory management, promotional discipline, prudent debt reduction, and outperformance within the Brand Portfolio. Piper comes away from this quarter more confident in the $4 EPS baseline with optimism for further earnings growth amid a more favorable macro backdrop.
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Read More on CAL:
- Caleres narrows FY23 adjusted EPS view to $4.10-$4.20 from $4.10-$4.30
- Caleres reports Q3 adjusted EPS $1.37, consensus $1.29
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- Caleres introduces FY26 financial targets and strategic growth plan
- Caleres still sees Q3 adjusted EPS $1.30-$1.35, consensus $1.31
