Good Day for GCO - Analyst Buy Rating - 12 Month Target of $21
First Security Van Kasper Initiating Coverage on Genesco, Inc. With a Buy Rating
SAN FRANCISCO, March 22 /PRNewswire/ -- The following is being issued by First Security Van Kasper, a member of the National Association of Securities Dealers, CRD number 7665:
John Shanley, Athletic Industry analyst at FS Van Kasper, has initiated coverage on Genesco, Inc. (NYSE: GCO; $10 15/16) with a Buy rating and a 12-month price target of $21.
Below are direct quotations from Mr. Shanley's research report:
We are initiating coverage of Genesco, Inc. with a Buy rating of its stock and a 12-month price target of $21.
We believe that the momentum in the performances of the two key businesses, Journeys and Johnston & Murphy, coupled with the substantially improved results in the company's Jarman and licensed brand operations, will continue to drive and enhance Genesco's earnings well into CY01.
We believe that the company's stock price could rise precipitously in the near-term as the company's strength becomes clearly evident when it passes the anniversary of FY00's relatively modest revenue and earnings results, particularly since we expect Genesco to produce strong revenue and earnings gains in its core Journeys and Johnston & Murphy operations in both 1Q01 and 2Q01.
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SOURCE: First Security Van Kasper
CONTACT: Muller Luo of FS Van Kasper, 415-391-5600 |
