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Shoe Carnival (SCVL) Stock To See Upside Rewards On Upbeat Outlook

 March 22, 2012 09:39 AM
 


Chain of footwear retail operator Shoe Carnival (Nasdaq: SCVL) shares will open higher on Thursday when the market opens on a positive outlook for the first quarter. The company also posted better than expected results for the fourth quarter. The stock had already witnessed nearly10 percent gain during the extended hours of trading on Wednesday.

The company guided first quarter earnings between 75 cents and 78 cents a share on projected net sales of $219 - $222 million. Shoe Carnival also sees comparable store sales growth of 5.5 – 7.0 percent on top of 3.4 percent achieved in 2011 first quarter. This is way ahead of analysts' estimation of 70 cents a share on revenues of $207.69 million.

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In the fourth quarter, the company earned profit of $3.3 million, down 25 percent from $4.4 million and earnings dipped 27.3 percent to 24 cents a share from 33 cents a share in the year-ago quarter.

Net sales modestly rose by 1.1 percent to $181.9 million from $179.9 million in the previous year quarter. Street analysts were estimating the company to report earnings of 21 cents a share on revenues of $180.91 million.

For the five analysts, mean and median price target is $30. While highest price target is $34, lowest target is $26.00. During the 52-week period, shares of Shoe Carnival ranged between $19.19 and $34.05. The stock closed Wednesday's regular trading at $26.51. In the extended hours trading, the stock advanced $2.59 or 9.77 percent to end at $29.09.

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Significantly, five analysts' have either Strong Buy or Buy rating on the company's stock, while only one analyst has recommended investors to Hold the stock. There is no one to recommend either Sell or Underperform.

Based on SCVL's 52-week high is $34.05 and the analysts' highest price target of $34.00, shares of the company closed Wednesday's normal trading 22 percent lower. Compared to median and mean target of $30.00 also, the stock closed approximately 12 percent lower. Therefore, there is enough space to see upside rewards from Wednesday's closing level.

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