UPDATE: Piper Jaffray Upgrades Genesco to Overweight on Multi-Year Outlook

Piper Jaffray upgraded Genesco

from Neutral to Overweight and raised the price target from $62.00 to $73.00. Piper Jaffray analyst Stephanie S. Wissink commented, "We are upgrading shares to Overweight with a longer-term focus on earnings power potential. We are reconciling our financial model to reflect the expiration of cost commitments related to the Schuh acquisition, which adds near 50 cents per year in earnings. We are attracted to stable gross margins and cost discipline, which creates a scalable enterprise model and the likelihood for meaningful upside on reasonable expectations." Genesco closed at $59.65 on Tuesday.