Sterne Agee CRT Maintains Underperform on Hibbett Sports (HIBB) Following 1Q Results

Sterne Agee CRT maintains an Underperform rating and $44.00 price target on Hibbett Sports (NASDAQ: HIBB) following 1Q16 results. HIBB reported EPS of $1.09 (vs consensus estimates of $1.13). FY16 EPS guidance was reduced from $2.95-$3.09 to $2.95-$3.04.

Analyst Sam Poser commented on HIBB, saying, "Slow and steady is not going to win this race. 1900 store closing days due to weather resulted in a SSS decrease of 8.6% in February, and a -0.9% decrease for 1Q16. Without an e-commerce platform HIBB is ceding business to its competitors, even in small markets such as Gun Barrel City, Texas, where computers and mobile devices are actually used. It appears as if HIBB will not have an e-commerce platform in place until 2+ years from now. Over the next 2 years, HIBB will become a major share donor. Despite a LDD increase in SSS thus far in 2Q, the shift of many tax free holiday days into 3Q, will dramatically temper current trends. The reduced FY16 guidance is still too aggressive."

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

Shares of Hibbett Sports closed at $46.33 yesterday.

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