Susquehanna Bumps Price Target on Genesco (GCO) to $37
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Susquehanna boosted its price target on Genesco Inc. (NYSE: GCO) from $34 to $37, reiterating their Positive rating, ahead of Q2 results due on August 28th.
Susquehanna expects Q2 EPS of $0.04, in-line with Street estimates, but is optimistic about the 2nd-half outlook.
Specifically, the firm said, "Despite the current macroeconomic environment, we believe GCO's diversified merchandising strategy, trend-right product assortments, favorable 2H09 comparisons, and well-managed inventory levels should leave the company well-positioned to meet and possible exceed management's FY09 guidance. As a result, and given that company's stock currently trades at a discount to the industry average, we are maintaining our Positive rating on shares of GCO and increasing our price target to $37 from $34."
Shares of Genesco are down 2.6% today to $32.63 per share.
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