Genesco (GCO) PT Raised to $31 at Truist Securities

Truist Securities analyst Joseph Civello raised the price target on Genesco (NYSE: GCO) to $31.00 (from $25.00) while maintaining a Hold rating.

The analyst commented: "Solid Journeys momentum offset by broader margin pressure/ macro headwinds; GCO reported solid 2Q results as momentum for the Journeys turnaround continues to build. Additionally, 3Q is off to a strong start with Journeys comping +DD% over last year’s +DD % gains on strong back to school trends. This strength enabled them to raise FY topline guidance, but a softer outlook for GMs (tariffs + promotional headwinds in the UK impacting Schuh) drove them to maintain prior EPS expectations. While we are encouraged by current trends, we remain cautious on the choppy macro (on top of increasingly tough comparisons to a strong Holiday in FY25). PT to $31 from $25.

We are raising our FY26/FY27 EPS estimates to $1.60/$2.25 from $1.55/$2.10. Our PT goes to $31 from $25 based on a 16x multiple on our FTM EPS estimate, which is up from 15x previously to reflect stronger momentum at Journeys and to account for a higher market multiple (our target multiple continues to reflect a ~30% discount)."

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