Shares of Hibbett Sports HIBB have dropped more than nine percent in Friday's pre-market session after the company released disappointing preliminary results for its second quarter.
After the close Thursday, Hibbett announced that it expects to post an EPS in the range of $0.30 - $0.32 vs. a consensus estimate of $0.41. Additionally, the company lowered its full-year 2014 EPS guidance from $2.78 - $2.98 to $2.63 - $2.73 vs. a consensus of $2.89.
In light of this information, Credit Suisse has downgraded the stock from Neutral to Underperform and lowered the price target from $50 to $42.
The firm commented, "Importantly, while this is somewhat reactionary, our change is not based on the second quarter alone; we believe there have been multiple signs recently that the growth profile and positioning of this company may be changing, which may point to further multiple rerating for this stock and risk to numbers."
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