Williams upgrades Shoe Carnival, says positioned to take market share

Williams Trading last night upgraded Shoe Carnival to Buy from Hold with a price target of $40, up from $26. The analyst sees upside to the company’s fiscal 2024 guidance, which should become evident by mid-April. While sales during non-event periods remain challenging, Shoe Carnival’s marketing strategy and targeted strategies to drive customers to the stores “appear to be beginning to work,” the analyst tells investors in a research note. The firm says the company’s focus on national brands, strong relationships with those national brands, and little reliance on private label, makes it “exceptionally well positioned to take share in the family footwear space.”