UBS Raises Price Target on Finish Line (FINL) to $23; Reiterates Neutral
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
UBS reiterated a Neutral rating on Finish Line (NASDAQ: FINL), and raised the price target to $23.00 (from $20.00), following the company's 2Q comp beat. However, pressure to clear inventory is holding back EPS.
Analyst Michael Binetti commented, "We were heartened to see FINL make significant progress to clear inventories ahead of the important fall/holiday period, posting a +10.5pp sequential improvement in the sales-inventory growth spread since F1Q. Recent comments on clean inventories from FINL, FL, and UA all bolster our confidence in the forward outlook for the athletic space heading into fall/holiday. FINL expects F3Q SSS to be +HSD (lapping an easy -6% compare). That said, Consensus models already expect solid 3Q SSS (UBSe: +9.3%, Street: +10%). We also note that FINL posted solid SSS in Jun/Jul (coinciding with heavier promo levels to clear inventory), though SSS decelerated to +3% in Aug (and remain at +LSD in September)—making a path to F3Q SSS upside less clear."
Shares of Finish Line closed at $22.61 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Capital One Financial (COF) Following 3Q Report
- FBR Capital Remains Bullish Following Select Income REIT's (SIR) 3Q Miss
- Jefferies Cuts Price Target on Entergy (ETR) to $74 Following new Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!