UPDATE: Piper Jaffray Raises Genesco's PT
According to a research report published this morning, Piper Jaffray has increased Genesco's (NYSE: GCO) PT from $80 to $81.
In the report, Piper Jaffray stated, "We are reiterating our OW rating and raising our price target to $81 following GCO's solid Q1 report in which earnings came in well ahead of printed expectations with EPS of $0.98 versus our $0.75 estimate. On the call, management indicated that QTD comp trends were +7% Y/Y vs. +12% in the comparable period LY. In tandem with mgmt's updated guidance range $4.70-$4.82 from $4.58-$4.70 prior, we are raising our estimates for this year and beyond and remain buyers of shares of GCO."
Genesco closed yesterday at $69.82.
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