Susquehanna Downgrades Finish Line (FINL) to Neutral

November 21, 2016 6:36 AM EST
Get Alerts FINL Hot Sheet
Price: $17.06 -3.23%

Rating Summary:
    9 Buy, 23 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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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."

For an analyst ratings summary and ratings history on Finish Line click here. For more ratings news on Finish Line click here.

Shares of Finish Line closed at $23.67 yesterday.

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