Seaport Global Securities Upgrades Genesco (GCO) to Buy 'on strong Journeys performance'

Seaport Global Securities analyst Mitch Kummetz upgraded Genesco (NYSE: GCO) from Neutral to Buy with a price target of $38.00.

The analyst comments "We are upgrading GCO from Neutral to Buy and establishing a $38 price target. GCO reports 2Q26 on Thursday, August 28th. For 2Q26, we suspect that Journeys was slightly better than plan, and we’re more encouraged that 3Q26 is off to a strong start. As a reminder, in our 1Q26 recap note, we discussed how Journeys had comped positive for three straight quarters and how 2Q26 was expected to be another positive comp, with this strong performance largely being driven by a product pivot. We also noted that GCO will begin lapping the Journeys product pivot in 3Q26, meaning that it will be up against +DD% comps in 2H26, vs. -SD% comps in 1H26. Additionally, we said the company will ultimately be judged by Journeys’ ability to comp the comp. Journeys is now beginning to lap tough comps, and it would appear that they are comping the comp. We see three main reasons for why Journeys is able to do so. First, while Journeys had access to a lot of trend-right product in 2H25, its 2H26 assortment is better than a year ago. Second, GCO is remodeling Journeys stores, and these stores are comping above chain average. Third, GCO is now targeting a broader range of female consumers. Lastly, while back to school isn’t always the best predictor of holiday, we believe that the drivers of Journeys’ strong two-year back to school performance should also benefit the holiday period."

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 $28.46 yesterday.

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