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UPDATE: Piper Jaffray Raises PT to $59 on Hibbet Sports: Margins Offset Weak Comps

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Piper Jaffray reiterated its Neutral rating on Hibbet Sports (NASDAQ: HIBB) and raised its price target from $56 to $59.

Piper Jaffray commented, "On Friday, Hibbett reported FQ2 EPS of $0.30, ahead of our $0.27 estimate and consensus of $0.28. The beat was driven by a 110bp expansion in gross margin, exceeding consensus by nearly 70bp. Same store sales increased 4.8%, short of our estimate of +5.5% and consensus of +6.1% led by accessories and apparel. … We have raised our price target slightly from $56 to $59 as we believe Hibbett has a long runway for new unit growth, consistent same-store sales and margin expansion opportunity, but are maintaining our Neutral rating as these are reflected in the current valuation, in our opinion."

Hibbet Sports closed at $59.22 on Friday.

Latest Ratings for HIBB

DateFirmActionFromTo
Aug 2014BMO CapitalDowngradesOutperformMarket Perform
Aug 2014Sterne AgeeDowngradesBuyNeutral
Aug 2014Credit SuisseDowngradesNeutralUnderperform

View More Analyst Ratings for HIBB
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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