UPDATE: Sterne Agee Raises PT on Genesco to $60

Sterne Agee is out with its report today on Genesco

, raising its PT from $54 to $60. In a note to clients, Sterne Agee writes, "Our price target of $60 reflects a P/E of 17.9x the FY12 EPS estimate, and 13.9x our '13 estimates, a slight premium to the S&P (12.7x). On an enterprise basis, our price target assumes an EBITDA multiple of 7.9x our FY12 estimate and 6.5x our 2013 estimates." Sterne Agee maintains Buy on GCO. Shares of GCO closed Thursday at $50.62.