DA Davidson Raises Price Target on Hibbett Sports (HIBB) Following Strong Q1 Results and Market Outlook
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Price: $87.49 --0%
Rating Summary:
4 Buy, 21 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 21 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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DA Davidson is reiterating its Buy rating on shares of Hibbett Sports (NASDAQ: HIBB) as it raises its price target from $42 to $46 following solid Q1 results.
The company reported its quarterly results with EPS of $0.76 which was well ahead of the Street's estimate of $0.67 and the firms of $0.64. With its EPS growing 28.8% in Q1, comps also experienced a 6.8% increase. Gross margin rose 140 bps to 37.2% in the quarter.
HIBB announced that Nike (NYSE: NKE) and Under Armour (NYSE: UA) were very strong performers for the company as footwear comps were up double digits. The company top footwear brands were Nike, Reebok, Jordan, and Adidas.
In Q1 HIBB repurchased 732,547 shares at average prices ~$32.35. The company has nearly $190 million remaining on current authorization. The firm states that with its strong cash flow, additional buyback plans look to be in the company's near future.
DA Davidson is raising its FY11 and FY12 EPS estimates from $1.83 and $2.11 to $2.02 and $2.31. The firm is also increasing its FY11 and FY12 revenue estimates from $715.6 million and $766.5 million to $722.2 million and $777 million.
For more ratings news on Hibbett Sports click here and for the rating history of Hibbett Sports click here.
Shares of Hibbett Sports closed at $38.99 yesterday.
The company reported its quarterly results with EPS of $0.76 which was well ahead of the Street's estimate of $0.67 and the firms of $0.64. With its EPS growing 28.8% in Q1, comps also experienced a 6.8% increase. Gross margin rose 140 bps to 37.2% in the quarter.
HIBB announced that Nike (NYSE: NKE) and Under Armour (NYSE: UA) were very strong performers for the company as footwear comps were up double digits. The company top footwear brands were Nike, Reebok, Jordan, and Adidas.
In Q1 HIBB repurchased 732,547 shares at average prices ~$32.35. The company has nearly $190 million remaining on current authorization. The firm states that with its strong cash flow, additional buyback plans look to be in the company's near future.
DA Davidson is raising its FY11 and FY12 EPS estimates from $1.83 and $2.11 to $2.02 and $2.31. The firm is also increasing its FY11 and FY12 revenue estimates from $715.6 million and $766.5 million to $722.2 million and $777 million.
For more ratings news on Hibbett Sports click here and for the rating history of Hibbett Sports click here.
Shares of Hibbett Sports closed at $38.99 yesterday.
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