Sterne Agee: Genesco's 4Q12 Results Better than Expected

In a research report published earlier today by Sterne Agee, Genesco Inc. GCO is poised for long-term growth after reporting positive 4Q12 results. Sterne Agee commented in the report, “We lowered our revenue estimates as our prior expectation for store openings was too aggressive. We believe our estimates will prove conservative as we expect the following: 1) upside SSS guidance of MSD given the current momentum and improved execution 2) continued strength at Schuh to be additive to earnings 3) accretion from the conversion ofUnderground Station to Journey's (which management does not anticipate) and 5) SSS and revenue upside at Lid's Sports Group dueto the transfer of the NFL licenses from Reebok to New Era and Nike.” Sterne Agee maintains its Buy rating and $80 PT on Genesco, which closed Friday at $73.67.