Susquehanna Downgrades Genesco (GCO) to Neutral on Valuation

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."

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

Shares of Genesco closed at $66.15 yesterday.

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