Piper Jaffray Maintains Overweight Rating on Genesco

Piper Jaffray has published its research report today on Genesco GCO in anticipation of tomorrow's FQ3 earnings call. In a note to clients, Piper Jaffray writes, "We continue to maintain our Overweight rating on GCO ahead of tomorrow's FQ3 earnings call. During Q3, the company announced a new $35M share repurchase authorization, which replaced an existing $35M authorization of which $10.8M remained. The company also completed their acquisition of the Sports Avenue chain for integration into the Lids Locker Room division. With improving economies of scale, a growing customer base, and an increasing stronghold over the licensed apparel, accessories and footwear categories, we view GCO as an attractive investment and believe 2H10 performance should meet or beat ests." GCO closed Friday at $35.67.