Yesterday’s Downgrade: Shoe Carnival, Inc. (SCVL)

Shoe Carnival, Inc. (NASDAQ:SCVL) received a stock rating downgrade from Standpoint Research on Mar-30-16. In a note to investors, the firm issued a Hold rating. The analysts previously had a Buy rating on the stock.

Analysts have a consensus target price of $29.00 in the 12-month period. The price objective is 6.38% higher than the recent closing price of $27.26. The 52-week price range is $17.31-$29.77 and the company has a market capitalization of $543.84 million. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 2 has assigned a hold rating, 0 says it’s a buy, and 1 have assigned a strong buy rating to the company.

On March 22, 2016 Leading visual product search platform Slyce Inc. (SLC) announced that it has officially launched visual search technology with leading US footwear and accessories retailer, Shoe Carnival (SCVL).

The integrated, fully automated 3D visual search technology enables mobile visitors to ShoeCarnival.com to snap a picture of any footwear, either in the real-world, or alternatively, from sources such as magazine pages, and, with no time latency, be presented with all direct or closest matching products from the extensive Shoe Carnival product line. These items can then be purchased with just a few taps.

Kent Zimmerman, VP of eCommerce at Shoe Carnival said, “We’re very excited to be launching mobile visual search functionality with Slyce. Mobile is a big part of our multi-channel strategy, and we’re always looking for ways to stay ahead of the innovation curve and provide our customers with the most convenient shopping experience possible.”

Headquartered in Evansville, IN, Shoe Carnival is one of the largest US footwear retailers and operates 400 stores in 34 states and Puerto Rico.

Slyce CEO Mark Elfenbein said, “This deployment by Slyce with Shoe Carnival represents another impressive milestone for our Company as it is one of the very first, large-scale, fully automated visual search deployments in the marketplace. Requiring only a single snap — i.e. no need for additional data to be input by the user — and with rapid response times, it offers an exceptionally easy and intuitive experience for users.”

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