DBI - Caleres gains after added to Hedgeye best ideas long list

Caleres (CAL) rose 7.6% after the company was added to Hedgeye's Best Ideas Long list by analysts Brian McGough and Jeremy McLean.Hedgeye said it's about 50% ahead of consensus estimates at $2.30 (Street at $1.62) with a 12x historical multiple gets to a price target of $29, or 52% upside.Designer Brands (DBI) was also added to Best Ideas list and was called an "underfollowed and misunderstood" company that has earnings power.."There’s sheer apathy towards DBI, something that will change dramatically as key levers on the P&L inflect meaningfully to the upside," Hedgeye wrote. "That is when we think we will see a low to mid-teens multiple on something closer to $2.50 in earnings – or a $30-$40 stock.”Designer Brands down 0.3%.Hedgeye will hold a call on DBI & CAL calls at 10am.Recall March 16, Caleres EPS beats by $0.04, beats on revenue.

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Caleres gains after added to Hedgeye best ideas long list