Susquehanna Downgrades Genesco (GCO) to Neutral on Valuation
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Susquehanna downgraded Genesco (NYSE: GCO) from Positive to Neutral with a price target of $62.00, saying the stock is fairly valued at its current level.
Analyst Sam Poser commented, "We are downgrading GCO to Neutral and maintaining our $62 price target. The expected uptick in the stock occurred shortly following our note on November 3rd wherein we raised our PT to $62. The stock is up ~28% since our September 15th initiation and now appears to adequately reflect: 1) the benefit to the Lids Group business from the Cubs' World Series win; and 2) the risk/reward surrounding a potential rebound in the Journeys business. Furthermore, the stock now trades at ~13.5x FY19 EPS which is slightly above historical averages. As a result, we expect shares to tread water for the foreseeable future."
Shares of Genesco closed at $66.15 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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