MKM Partners Cuts Price Target on DSW, Inc. (DSW) Following 1Q Miss

MKM Partners maintained a Neutral rating on DSW Inc. (NYSE: DSW), and cut the price target to $21.00 (from $24.00), following the company's 1Q earnings report. Comps decreased 1.6% vs. the Street's flat forecast, and adjusted EPS fell 22% to $0.40 vs. Street at $0.46.

Analyst Patrick McKeever commented, "We thought the set-up in the stock, down 30% from its March highs going into the print vs. the SPX up 2%, favored a bounce on any good news. But good news was hard to come by as sales and EPS were meaningfully below expectations and as management significantly lowered FY16 guidance. While DSW should, in theory, be benefiting from some of the same forces driving outperformance in the off-price space, the company is showing itself to be vulnerable to broad issues hurting many retailers."

For an analyst ratings summary and ratings history on DSW Inc. click here. For more ratings news on DSW Inc. click here.

Shares of DSW Inc. closed at $21.73 yesterday.

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