UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT on Hibbett Sports

In a report published Monday, Canaccord Genuity reiterated its Hold rating on Hibbett Sports

, and slightly raised its price target from $55.00 to $56.00. Canaccord Genuity noted, “HIBB reported good Q3 results of $0.71 vs. our $0.68 consensus estimate. Relative to our model, an impressive gross margin (+2c) and less expense dollar growth (+1c) drove the beat. 2012 guidance was raised to $2.66-$2.71, implying Q4 of 71c, below our 73c estimate. While we consider HIBB to have solid growth potential, current real estate constraints/low sq. ft. growth coupled with choppy comp trends keep us HOLD rated, but we are raising our target $1 to $56.” Hibbett Sports closed on Friday at $54.05.