Deutsche Bank Downgrades Finish Line (FINL) to Hold
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Deutsche Bank downgraded Finish Line (NASDAQ: FINL) from Buy to Hold with a price target of $24 (unchanged). Analyst Paul Trussell noted an increase in the share price and investor expectations.
"FINL shares have performed well YTD (up 34% vs. SPX 7%) as new leadership has improved supply chain execution and lifted comps by closing unproductive doors and enhancing the footwear assortment. With easy compares ahead and momentum in key categories (running & casual), we think FINL is on the right path to stable top-line productivity and DD EPS growth, which have been elusive," said Trussell
The analyst added, "Our downgrade to Hold reflects limited upside to our $24 PT as we already incorporate optimistic ests. and are unwilling to adjust our multiple above 13x in this volatile retail backdrop. As for 2Q (to be reported 9/23), we reiterate our ests. for 3% SSS and $0.55 in EPS (2c above the Street)."
Shares of Finish Line closed at $23.40 yesterday.
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