UPDATE: Bank of America Upgrades Finish Line to Buy, Raises PT as Running Pipeline Should Drive Upside

In a report published Tuesday, Bank of America analyst Robert F. Ohmes upgraded the rating on

from Underperform to Buy, and raised the price target from $22.00 to $30.00. In the report, Bank of America noted, “We are upgrading Finish Line to Buy (from Underperform). While the Macy's expense ramp-up should continue to pressure near-term operating margins, we are more constructive on FINL shares given: (1) improving running footwear pipeline which should drive improved comps, and (2) better than expected sales ramp-up of Macy's in-store concepts for Holiday. We are raising our PO to $30 (from $22), 16x our unchanged F2015E EPS of $1.85, which is slightly above FINL's historical P/E.” Finish Line closed on Monday at $25.41.