UPDATE: Sterne Agee Downgrades DSW on Fair Valuation

In a report published Monday, Sterne Agee analyst Sam Poser downgraded DSW (NYSE: DSW) from Buy to Neutral, and removed the $80.00 price target.

In the report, Sterne Agee noted, “The stock is fairly priced and is trading at our previous price target of $80. Current trends continue to be robust and management is making the right moves. Strong business model, system enhancements and acceleration of EPS growth in 2014 are baked into current multiples.”

DSW closed on Friday at $78.98.