Caleres Navigates Tough Market With Cost Savings And Debt Reduction: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Telsey Advisory Group analyst Dana Telsey has reiterated the Less Risk rating on Caleres, Inc. (NYSE:CAL) with a price target of $30. The analyst notes that CAL is driving $20 million in cost savings this year and remains focused on debt reduction. CAL is expected to report 2Q23 results on August 31, with an EPS forecast of $0.90 vs. $1.38 last year. Telsey forecasts a sales decline of 4.5% Y/Y to $706 million. The analyst expects Famous Footwear to decline 6.5% Y/Y, along with a 1.5% Y/Y contraction in the branded portfolio.
August 25, 2023 | 7:51 pm
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Caleres, Inc. is expected to report 2Q23 results on August 31, with an EPS forecast of $0.90 vs. $1.38 last year. The company is driving cost savings and focusing on debt reduction. The analyst expects a sales decline of 4.5% Y/Y to $706 million.
The analyst's reiteration of the Less Risk rating and the price target of $30 indicates a positive outlook for Caleres, Inc. However, the expected sales decline and the challenging macro environment may put pressure on the stock in the short term.
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