Susquehanna Downgrades Finish Line (FINL) to Neutral
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Susquehanna downgraded Finish Line (NASDAQ: FINL) from Positive to Neutral with a price target of $23.00, saying the story quickly played out.
Analyst Sam Poser commented, "The stock was priced at $19.60 when we upgraded it from Neutral to Positive, with a $23 PT, on November 3rd. The upgrade was predicated on reports that FINL would be looking for a buyer for its 70 store JackRabbit specialty running business. We believed & continue to believe that exiting the JackRabbit business is prudent, so FINL management can focus on its core mall based businesses. On November 15th, FINL issued a press release stating it was working with Peter J. Solomon Company LLC as an advisor, but said that there was no timeframe for the sale of JackRabbit. FINL management did say that they anticipate incurring a $44M non-cash goodwill impairment charge in 3Q17, as FINL explores strategic alternatives for JackRabbit."
Shares of Finish Line closed at $23.67 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesSusquehanna International Group of Companies, Sam Poser
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