Designer Brands price target lowered to $10 from $14 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Designer Brands to $10 from $14 and keeps a Market Perform rating on the shares. Designer Brands struggled in Q3 against a footwear market contraction and unseasonably warm weather, which slowed demand and saw the company miss guidance in Q3 and reduce its FY23 outlook, the analyst tells investors in a research note. The company doesn’t expect macro pressures to improve int he near-term, Telsey said.