UBS Raises Price Target on Finish Line (FINL) to $23; Reiterates Neutral
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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.
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