According to Sterne Agee, Genesco GCO price target is raised to $80.
Sterne Agee said that it is raising its FY13 revenue estimate from $2.551B to $2.568B, reflecting sales/store for the converted stored to increase by ~$110K to $700K. “We believe our estimate will prove conservative as Journey's stores had sales/store of $791K in FY11.”
Genesco closed yesterday at $64.81.
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