Genesco "neutral," target price reduced

03/14/08 - Robert W. Baird

NEW YORK, March 14 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Genesco Inc (GCO), while raising their estimates for the company. The target price has been reduced from $28 to $26.

In a research note published yesterday, the analysts mention that the company has reported its 4Q08 pro forma EPS ahead of the estimates and the consensus. Genesco is re-focusing on its core business and has announced authorization to buy back up to $100 million worth of common stock. The company has guided to full year comps in tg elow-single digits, which the analysts believe is a little overoptimistic in the current environment. The EPS estimates for 2009 and 2010 have been raised from $1.70 to $1.91 and from $1.99 to $2.31, respectively.