Susquehanna Upgrades Genesco (GCO) to Positive; Favorable Risk/Reward
More News related to GCO
- Major League Gaming Launches Licensed Headwear Line With National Retailer LIDS
- Baird Upgrades Genesco (GCO) to Outperform
- Genesco Announces Conversion of $16.04 Million of Convertible Debentures for Common Stock in Exchange for Early Payment of Accrued Interest
- Genesco Announces Issuance of Redemption Notice for Convertible Subordinated Debentures
- Genesco's Hat World Division Acquires Sports Fan-Attic, Inc.
Susquehanna upgrades Genesco (NYSE: GCO) from Neutral to Positive. Price target $29.
Susquehanna analyst says, "We believe BTS comps have improved from the -4% reported in August given a later Labor Day and negative comparisons in September and October. Moreover, we believe lower occupancy costs and expenses allow the company a certain margin of error should comps come in below expectations, as demonstrated in 2Q. We are looking for 3Q results in-line or slightly above our expectations, and see opportunity for comp growth and margin expansion in 4Q. While we recognize the importance of 4Q to full-year results (we estimate 30% of sales and 67% of earnings), and the risks that surround this given the possibility of a challenging holiday season, we believe favorable comparisons (-10% comps on a two-year basis), a strong boot season, and a lower leverage point from continued occupancy and expense reductions offset these concerns. In addition, with unit growth expected in FY11 (2010), GCO remains one of the only growth stories in the sector."
To see more analyst ratings on GCO Click Here.
Genesco Inc. engages in the retail of footwear, and licensed and branded headwear; and the wholesale of footwear primarily in the United States.
Related Categories
UpgradesStocks Mentioned
-0.11Related Entities
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!
