Sterne Agee Reiterates Buy Rating on Hibbett Sports

Sterne Agee has published a research report on Hibbett Sports (NASDAQ: HIBB) reiterating the BUY rating.

In the report, Sterne Agee wrote, "Net sales (+9.5%) were driven by SSS of +5.9% on top of +11.9% LY. By month, sales in May, June and July were up 6.6%, 7.1% and 3.61%, respectively. GM (+105 bps) was driven by improved retail product margin (+85 bps) and warehouse and occupancy cost leverage (+20 bps). SG&A was down 17 bps due to offsets in business and health insurance costs and lower D&A."

Sterne Agee rated Hibbett Sports a BUY with a price target of $44.00. Hibbitt Sports closed Friday at $33.53.