Famous Footwear and Shoe Carnival Inc. benefit from Nike Inc.'s decision to stop selling on Amazon.com Inc. , Wedbush analysts say. Famous Footwear is part of the Caleres Inc. portfolio. "Nike sales are accelerating at both retailers as Famous Footwear should see positive Nike comps in Q3, with Shoe Carnival inflecting positive in Q4," Wedbush wrote. "Nike businesses and continued innovation from the brand into 2020 also drives further confidence in these retailer's ability to achieve at least positive low-single-digit comps in their FY20 as well. Finally, the Amazon decision significantly undermines a 'dying retail' investor concern relevant to Caleres and Shoe Carnival." Wedbush rates Caleres shares outperform with a $27 price target, and rates Shoe Carnival outperform with a $42 price target. Shares of Caleres are down 12.7% for the year to date, Shoe Carnival stock is up 8.7% and the S&P 500 index has rallied 24.2% for the period.
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