In a report released today, Mitch Kummetz from Pivotal Research reiterated a Buy rating on Shoe Carnival (SCVL), with a price target of $31. The company’s shares closed last Monday at $25.91.
Kummetz observed:
“We calculate that ~40% of 3Q19 is in the books, so SCVL appears well on its way towards comping at the higher end of +LSD% for the quarter. Lastly, we like SCVL’s setup on a couple of key tailwinds in our view. First, we like how NKE is becoming more focused on the core channel again, with SCVL being a key beneficiary of NKE’s better product assortment at the <$100 price point. Second, we see a market share opportunity coming from the Payless bankruptcy, given some material overlap in geographic locations and across categories. For 2Q, SCVL didn’t seem to benefit much from either of these items, but that’s because they were just starting to develop, and their benefit should become more significant over the next 12 months."
According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 2.1% and a 54.1% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Genesco Inc, and Tilly’s Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Shoe Carnival with a $31.67 average price target, which is a 28.6% upside from current levels. In a report issued on August 20, Susquehanna also maintained a Buy rating on the stock with a $30 price target.
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The company has a one-year high of $45 and a one-year low of $21.47. Currently, Shoe Carnival has an average volume of 335.5K.
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Shoe Carnival, Inc. engages in the retail of footwear products. It offers casual and athletic footwear for men, women, and children under the Skechers, Clarks, Adidas, Crocs, New Balance, Converse, Roxy, Nike, Vans, Madden Girl, Sperry, Rampage, Keds, PUMA, Timberland, Koolaburra, Jellypop, and ASICS brands.
