UPDATE: Citigroup Downgrades Finish Line to Neutral on Near-Term Uncertainty

Citigroup reduced its rating on Finish Line

from Buy to Neutral and reduced its price target from $30 to $20. Citigroup noted, "We are downgrading FINL to Neutral from Buy given the lack of potential positive catalysts over the next several qtrs. While we continue to believe FINL is strongly positioned for the longer term w/its premium offering & omni-channel investments, we expect the co's Q3 miss and reduced outlook to weigh on FINL shares for the near-term. In addition, Macy's startup expenses will likely weigh on results for the next several qtrs. We would be more interested in getting back involved once: a) the co. improves its mix, and b) Macy's starts to contribute." Finish Line closed at $17.94 on Friday.