UPDATE: Sterne Agee Raises Genesco's PT

According to a research report published this morning, Sterne Agee has increased Genesco's

PT from $80 to $85. In the report, Sterne Agee said, "We would be buyers of GCO. We view the continued favorable trends, strong execution, and conservative guidance as catalysts for EPS and valuation upside. Compelling fashion and assortment drive strong 1Q13 beat. We view the weakness in the stock as unwarranted, and would be aggressive buyers on the heels of the strong Q1 beat and conservative guidance. GCO reported 1Q13 adjusted EPS of $0.98 versus SALI/FC at $0.69/$0.74. Total SSS were up 9% (+23% 2 year) versus guidance of +MSD. Impressively, the +12% SSS (+28% 2 year) at Journey's included the Underground Station stores. Lids' SSS of +4% was +20%/+30% on a 2/3 year stacked basis. J&M had SSS of +4% (+14% 2 year)." Genesco us currently trading at $70.22.