UPDATE: Goldman Sachs Raises PT on Finish Line to Reflect Innovation Cycle

In a report published Friday, Goldman Sachs analyst Taposh Bari reiterated a Neutral rating on Finish Line FINL, and raised the price target from $18.00 to $22.00. In the report, Goldman Sachs noted, “We are raising price targets on FL and FINL, justifying a slightly higher multiple ahead of a host of new product launches for back-to-school. Our new price targets offer 16% upside for FL and 2% upside for FINL. Our annual EPS estimates remain unchanged. We expect investors to re-rate FL and FINL closer to their historic averages as a rich athletic footwear product pipeline re-engages consumers for back-to-school and Holiday. Specific examples of innovation include 1) the continued commercialization of Nike Flyknit, with a reacceleration of North American reported futures sales as evidence, 2) new platforms Boost and Spring Blade by Adidas and 3) the anniversary of 30% declines at Reebok (1 year) and Puma (2 years).” Finish Line closed on Wednesday at $21.53.