** Telsey Advisory Group cuts PT on footwear company Caleres CAL.N to $37 from $40 as operational missteps result in annual forecast cuts
** Brokerage says CAL's upgrade of its SAP ERP system to the cloud-based version in Q2 resulted in a lack of visibility in day-to-day functions, which caused disruptions to its ability to fulfill replenishment orders
** Due to consumers having more of a buy-, wear- purchasing behaviour, back-to-school season materialized later than expected, impacting Q2 results - TAG
** However, August was encouraging for CAL, brokerage adds
** One of three brokerages rate the stock "buy" and two "hold", with a median PT of $43
** Up to Thursday's close, the stock had fallen 2% so far this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))