UPDATE: Canaccord Genuity Raises Hibbett Sports' PT

According to a research report published this morning, Canaccord Genuity increased Hibbett Sports' HIBB PT from $49 to $52. In the report, Canaccord Genuity said, "HIBB reported Q1 EPS of $0.98 vs. our estimate and consensus of $0.92, driven by an 11.1% comp (+$0.03) and gross margin improvement (+$0.04), partially offset by higher SG&A expense (-$0.01) and tax (-$0.01) relative to our model. While HIBB is benefiting from the athletic cycle and continues to perform well, tepid sq. ft. growth keeps us on the sidelines as we believe the stock's 22x premium valuation makes the risk/reward unfavorable. As such we maintain our HOLD rating, but are raising our target to $52 from $49." Hibbett Sports closed Friday at $54.94.