Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Barclays remains on the sidelines on Finish Line Inc (NASDAQ: FINL), despite the company reporting better-than-expected quarterly EPS and improved comps.
The brokerage reiterated its Equal-Weight rating on the stock and $18 price target on stretched valuation. Shares of Finish Line are trading above the price target at $22 levels.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
For the second quarter, the company reported adjusted EPS of $0.53 versus Barclays' estimate of $0.52. Revenue rose 5.4 percent to $509.4 million, higher than Barclays' $494.1 million estimate, with a comp growing 5.1 percent.
Growth in basketball was driven by the retro Jordan and Curry shoes, particularly the strong launch of the Curry 2.5. Barclays expects the Curry franchise to continue its momentum with the launch of the Curry 3 later this quarter.
On the flip side, EBIT margin fell 170 bps to 6.9 percent (vs. Barclays' 7.0 percent estimate). Gross margin declined 170 bps to 31.3 percent on a 200bps dip in merchandise margin.
"Merchandise margin contraction was driven by higher markdowns as FL looked to clear its high inventory levels due to previous supply chain disruptions," analyst Matthew McClintock wrote in a note.
However, the analyst raised his FY17 and FY18 EPS to $1.55 and $1.75 from $1.50 and $1.65, respectively as he expects continued cost savings and control from the company's organizational restructure.
At time of writing, shares of Finish Line fell 2.02 percent to $22.29.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.