Piper Jaffray Maintains Overweight on Genesco
Piper Jaffray is maintaining its overweight rating on Genesco (NYSE: GCO) as it's Journey's brand perception is up with teens and footwear spending has increased overall. In Piper's recent survey with teens, it believes the results point to continued interest in the footwear category and Journeys stands well positioned to benefit from the gains.
Risks to achieving the target price include reliance on management, competition, inventory and markdowns, traffic volatility, and general macroeconomic factors.
Piper Jaffray has an Overweight rating with a price target of $33.
GCO closed Tuesday at $30.15
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