Citi Reports On DSW's Recent Presentation

Citi is maintaining its Buy rating and its $50 price target on DSW Inc. DSW after the company presented at the recent Citi Conference. Says Citi, in its report, “The big news out of DSW's presentation was its newly stated goal to double earnings by 2015. That implies a mid-teen operating margin from the prior target of a LDD after the company achieved a 9.5% margin in 2010. Sales growth is premised on ~MSD square footage and a LSD comp. Recent and upcoming systems initiatives should be a major catalyst for margins and sales.” DSW closed yesterday at $49.23.