Disclosures

DSW Inc.

I, Jeff VanSinderen , certify that this report reflects my personal beliefs about this company and that no portion of my compensation was, is or will be directly or indirectly related to the specific recommendations or views discussed in this report.

Disclosure

  • B. Riley & Co., LLC does and seeks to do business with companies covered in its research reports.
  • A portion of this analyst’s compensation is based on the sales, trading and investment banking activities of B. Riley & Co., LLC.
  • This report may be distributed by FBR Capital Markets & Co., an affiliate of B. Riley & Co., LLC and as such constitutes third party research. For additional information, please visit http://www.fbr.com/disclosures.
Disclosure Chart

Initiated coverage on 02/28/2011 with a "Buy" Rating and a price target of $56.00.

Ratings Distribution as of June 23, 2017 % with Investment Banking Relationships
Rating Number of Companies Percent of Total
Buy 148 73.3%
Neutral 53 26.2%
Sell 1 0.5%
Total 202 100%
Ratings Distribution as of October 4, 2016 % with Investment Banking Relationships
Rating Number of Companies Percent of Total
Buy 21 95.5%
Neutral 1 4.5%
Sell 0 0.0%
Total 22 100%

Explanation of B. Riley & Co. LLC's Rating System

  • Buy: We generally expect "Buy" rated stocks to materially outperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly attractive.
  • Neutral: We generally believe "Neutral" rated stocks will perform roughly in line with the S&P 500 and Russell 2000 over the intermediate and long term.
  • Sell: We generally expect "Sell" rated stocks to materially underperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly unattractive.

Risks and Considerations

Additional Risks and Considerations

    • General Macroeconomic Risk: Macro-economic issues, such as increasing oil and gas prices, and a drop in consumer spending could have a negative impact on the company's business.
    • General Industry Risk: The company is subject to the inherent volatility of footwear and accessories retailing (including potential merchandise content issues) and a possibility exists that the company could miss our estimates, the consensus or its own guidance.
    • Expansion Risk: The continued growth and success of the company depends in part on opening, operating, and expanding stores in a timely and profitable manner.  
    • Loss of Key Personnel: In our opinion, the current management team will be instrumental in executing the company's growth strategy.  The resignation of a key member of management, such as the company’s Chief Merchant, would have a negative impact on the company.
    • Competition: The footwear and accessories industry is highly competitive and many of the company’s competitors have greater resources.
    • Discretionary Spending: The products the company sells are largely discretionary in nature and any slowdown in consumer spending would have an unfavorable impact on the Company.
    • Weather: The weather can significantly impact the Company's results.
    • See the Company's SEC filings, particularly its 10-K filing, for a discussion of further potential risks.