Caleres upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Abbie Zvejnieks upgraded Caleres to Overweight from Neutral with a price target of $35, up from $26. The company positively pre-announced 2022 earnings and set an expectation for earnings per share of over $4.00 on a go forward basis, emphasizing the structural earnings improvements it has made, the analyst tells investors in a research note. Although normalized promotions will be a headwind, Caleres has made structural earnings gains compared to pre-pandemic, Piper contends. It cites the earnings reset and structural earnings gains for the upgrade.