Pivotal Research Remains a Hold on Genesco Inc (GCO)

In a report released today, Mitch Kummetz from Pivotal Research reiterated a Hold rating on Genesco Inc (GCOResearch Report), with a price target of $44. The company’s shares closed yesterday at $43.26.

Kummetz commented:

“We are modeling 1Q SSS at the low end of GCO’s range because we’re not convinced that the balance of the quarter, especially the Easter week, was good enough for GCO to make up the ground it lost earlier in the quarter. We are also modeling 2Q SSS at the low end of GCO’s range because we suspect that May has been a tough month, against a difficult sandal comparison, and 2Q is an extremely difficult comparison as a whole, especially for Journeys. Additionally, we are modeling FY20 SSS slightly below GCO’s range, as the company will be lapping strong Vans and boot performance in 3Q and 4Q, respectively, which could be difficult to comp. That said, we see recent above-plan share repurchase activity as an offset to these perceived SSS challenges.”

According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 2.2% and a 54.4% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Tilly’s Inc.

Genesco Inc has an analyst consensus of Hold, with a price target consensus of $42.

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The company has a one-year high of $51.85 and a one-year low of $37. Currently, Genesco Inc has an average volume of 297.9K.

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Genesco, Inc. engages in the retail and sale of footwear, apparel, and accessories. It operates through the following segments: Journeys Group, Schuh Group, Johnston & Murphy Group, Lids Sports Group, and Licensed Brands.