Sterne Agee Maintains Buy, $80 Target on Genesco
Sterne Agee reiterates its Buy rating and $80 target price on Genesco (NYSE: GCO) as the company is expected to post in-line quarterly results and revised guidance into next quarter.
Sterne Agee says, "We are forecasting EPS of $1.67, at the high end of the company's pre-announced guidance of $1.63-$1.68. We are assuming companywide SSS of 11.5%. GCO has preannounced comps through January 7 of +13%, compared to +11% thought November 19 in the prior year. Based on results from other companies in the space such as Finish Line (FINL-$23.24-Buy), we believe mall-based retailers are outperforming their peers."
GCO closed at $66.56 a share on Wednesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.