Wedbush Reiterates Outperform on Finish Line (FINL) After Meeting with Management
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Wedbush reiterated an Outperform rating and $25.00 price target on Finish Line (NASDAQ: FINL) after meeting with management. Wedbush believes that the quarter is tracking toward management’s outlook of a HSD comp increase, or in line with consensus at 8%. FINL ended the last quarter with ~5.3 million or 13% of the outstanding shares remaining in its repurchase plan. YTD the company purchased 4 million shares, including 1 million in 2Q.
Analyst Christopher Svezia commented, "We recently spoke with the company and personally toured one of the newly remodeled FINL stores, both of which left us confident that the company is moving in the right direction. Inventory levels are allowing FINL to chase relevant trends while remodels offer the prospect to elevate the in-store experience. Overall, while the meat of the quarter is yet to come (ends November) we feel it is trending generally in line with management’s expectations, potentially calming fears of a potential miss."
Shares of Finish Line closed at $22.03 yesterday.
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