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DSW Stock Falls on Lower Guidance, Analyst Downgrade

NEW YORK (TheStreet) -- MKM Partners downgraded DSW (DSW - Get Report) to "neutral" from "buy" on Wednesday, setting its price target for the shoe retailer at $23.

Shares of DSW were falling by 14.1% to $21.05 in early morning trading.

The downgrade comes after DSW lowered its full year 2015 earnings forecast to a range of $1.40 to $1.50 a share from a range of $1.80 to $1.90 a share, and announced the retirement of CEO Roger Rawlins, after the market closed on Tuesday. Rawlins will retire at the end of the year, the company said.

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MKM lowered its 2015 and 2016 EPS estimates for DSW to $1.49 and $1.85 a share from $1.85 and $2.07 a share, respectively.

"While we try hard to avoid reactionary calls, we can no longer defend DSW after yesterday afternoon's surprise CEO news and very disappointing 3Q15 prerelease and FY15 guide-down," MKM analyst Patrick McKeever wrote. "We had been concerned about the impact of warm weather on the company's extensive boot assortment and lowered our numbers in a...