Telsey Group cuts PT on Caleres as operational missteps impact annual forecasts

Caleres

13/09/2024 12:09

** Telsey Advisory Group cuts PT on footwear company Caleres
 CAL.N  to $37 from $40 as operational missteps result in annual
forecast cuts 
    ** Brokerage says CAL's upgrade of its SAP ERP system to the
 new cloud-based version in Q2 resulted in a lack of visibility 
in day-to-day functions, which caused disruptions to its ability
to fulfill replenishment orders
    ** Due to consumers now having more of a buy-now, wear-now
purchasing behaviour, back-to-school season materialized later
than expected, impacting Q2 results - TAG 
    ** However, August was encouraging for CAL, brokerage adds  
    ** One of three brokerages rate the stock "buy" and two
"hold", with a median PT of $43
    ** Up to Thursday's close, the stock had fallen nearly 2% so
far this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))