UPDATE: Bank of America Upgrades Finish Line as Running Pipeline Should Drive Upside
In a report published Tuesday, Bank of America analyst Robert F. Ohmes upgraded the rating on Finish Line (NASDAQ: FINL) 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.
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