UPDATE: Bank of America Downgrades Hibbett Sports to Neutral, Lowers PT on Expense Ramp-Up to Mute EPS Growth - Hibbett (NASDAQ:HIBB)

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In a report published Tuesday, Bank of America analyst Rafe Jadrosich downgraded the rating on

27% profit every 20 days?

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Hibbett Sports

(NASDAQ: HIBB) from Buy to Neutral, and lowered the price target from $55.00 to $47.00.In the report, Bank of America noted, “We are downgrading Hibbett Sports to Neutral (from Buy) and lowering our price objective to $47 (from $55) given a more conservative industry same-store sales outlook coupled with HIBB's expected step-up in expenses next year, which should pressure EPS growth. Our PO is supported by 16-17x our new F2016E EPS of $2.90 (was $3.00), a slight discount to its historical range of 17-18x.”Hibbett Sports closed on Monday at $43.66.