Hibbett Sports: Susquehanna still a buyer; cuts target
(CercleFinance.com) - While maintaining its "positive" opinion on Hibbett Sports, broker Susquehanna has reduced its target price for the share from 33 dollars to 25 dollars, after the sporting goods retailer announced very disappointing quarterly results on Friday.
While the group's sales trend remains strong in branded footwear and clothing (around 80% of sales), the broker acknowledges that this is not the case in ancillary activities, under licenses and sports equipment.
The broker has hence reduced its EPS targets and sales at constant stores for the current year, although remains positive on the stock as it is confident that the group's investments in its omni-channel initiatives will soon pay off.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
While the group's sales trend remains strong in branded footwear and clothing (around 80% of sales), the broker acknowledges that this is not the case in ancillary activities, under licenses and sports equipment.
The broker has hence reduced its EPS targets and sales at constant stores for the current year, although remains positive on the stock as it is confident that the group's investments in its omni-channel initiatives will soon pay off.
Copyright (c) 2018 CercleFinance.com. All rights reserved.