Pivotal Research set a $39.00 target price on Shoe Carnival (NASDAQ:SCVL) in a research report released on Monday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.
“We are modeling 2Q SSS at the high end of guidance, as we believe it was a strong quarter for the company, driven by sandals early, favorable B2S trends late and a strong brand/product offering throughout the quarter. We’re also modeling the high end of guidance. This reflects a y/y back half earnings decline on calendar shift drags, but SCVL may be able to offset some of this pressure by potentially closing fewer stores than currently in the plan.”,” the firm’s analyst wrote.
Several other brokerages also recently commented on SCVL. Zacks Investment Research raised shares of Shoe Carnival from a hold rating to a buy rating and set a $40.00 price objective for the company in a research note on Saturday. TheStreet raised shares of Shoe Carnival from a c+ rating to a b rating in a research note on Friday, May 25th. BidaskClub raised shares of Shoe Carnival from a hold rating to a buy rating in a research note on Thursday, May 31st. Susquehanna Bancshares reissued a neutral rating on shares of Shoe Carnival in a research note on Thursday, July 19th. Finally, Citigroup downgraded shares of Shoe Carnival from a buy rating to a neutral rating and set a $32.00 price target for the company. in a research note on Thursday, July 19th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Shoe Carnival presently has an average rating of Buy and an average price target of $32.14.
A number of hedge funds have recently added to or reduced their stakes in SCVL. Wells Fargo & Company MN raised its stake in Shoe Carnival by 24.8% in the fourth quarter. Wells Fargo & Company MN now owns 18,041 shares of the company’s stock worth $482,000 after buying an additional 3,580 shares in the last quarter. Renaissance Technologies LLC bought a new position in Shoe Carnival in the fourth quarter worth about $706,000. Deutsche Bank AG raised its stake in Shoe Carnival by 107.9% in the fourth quarter. Deutsche Bank AG now owns 41,349 shares of the company’s stock worth $1,104,000 after buying an additional 21,462 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in Shoe Carnival in the fourth quarter worth about $110,000. Finally, Monarch Partners Asset Management LLC raised its stake in Shoe Carnival by 4.8% in the first quarter. Monarch Partners Asset Management LLC now owns 137,720 shares of the company’s stock worth $3,278,000 after buying an additional 6,320 shares in the last quarter. 79.13% of the stock is owned by institutional investors.
Shoe Carnival Company Profile
Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers various dress, casual, and athletic footwear products for men, women, and children; and accessories, such as socks, belts, shoe care items, handbags, sport bags, backpacks, jewelry, scarves, and wallets.
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