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Nov. 15, 2019, 3:25 p.m. EST

Nike's break with Amazon benefits Famous Footwear and Shoe Carnival: Wedbush

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By Tonya Garcia

Famous Footwear and Shoe Carnival Inc. /zigman2/quotes/203407380/composite SCVL +3.21% benefit from Nike Inc.'s /zigman2/quotes/203439053/composite NKE +1.26% decision to stop selling on Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +0.64% , Wedbush analysts say. Famous Footwear is part of the Caleres Inc. /zigman2/quotes/206226741/composite CAL +3.77% 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 /zigman2/quotes/210599714/realtime SPX +0.91% has rallied 24.2% for the period.

/zigman2/quotes/203407380/composite
US : U.S.: Nasdaq
$ 37.63
+1.17 +3.21%
Volume: 189,703
Dec. 6, 2019 4:00p
P/E Ratio
13.72
Dividend Yield
0.90%
Market Cap
$552.11 million
Rev. per Employee
$220,899
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/zigman2/quotes/203439053/composite
US : U.S.: NYSE
$ 97.00
+1.21 +1.26%
Volume: 6.37M
Dec. 6, 2019 6:30p
P/E Ratio
36.26
Dividend Yield
1.01%
Market Cap
$151.42 billion
Rev. per Employee
$529,466
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 1,751.60
+11.12 +0.64%
Volume: 3.12M
Dec. 6, 2019 4:00p
P/E Ratio
77.55
Dividend Yield
N/A
Market Cap
$868.44 billion
Rev. per Employee
$359,671
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/zigman2/quotes/206226741/composite
US : U.S.: NYSE
$ 22.31
+0.81 +3.77%
Volume: 523,777
Dec. 6, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
1.26%
Market Cap
$908.36 million
Rev. per Employee
$236,237
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/zigman2/quotes/210599714/realtime
US : S&P US
3,145.91
+28.48 +0.91%
Volume: 1.70B
Dec. 6, 2019 5:07p
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