NEW YORK (TheStreet) -- DSW's (DSW) - Get Report price target was reduced to $19 from $20 at Canaccord Genuity. The firm has a "hold" rating on the stock.

The lower price target comes after the Columbus, OH-based footwear retailer posted weaker-than-expected results for the 2016 first quarter and cut its outlook.

DSW reported adjusted earnings of 40 cents per diluted share, which fell short of analysts' estimates of 45 cents per share.

Revenue rose by 3.9% to $681.3 million year-over-year, but missed analysts' projections of $698.8 million.

"While we were expecting a soft Q1, DSW's Q1 results were well short of our expectations as business fell off significantly post Easter. This deterioration was the result of a decline in traffic (-2%) and consumer demand in conjunction with lack of depth in trending styles (block heels, lace ups, booties, gilly's)," the firm wrote in a note.

Shares of DSW are rallying by 6.28% to $20.40 on Wednesday morning.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and good cash flow from operations.

However, the team also finds weaknesses including deteriorating net income, poor profit margins and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: DSW

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