Canaccord Genuity analyst Camilo Lyon maintained a Buy rating on Hibbett Sports (NASDAQ: HIBB) today and set a price target of $31. The company’s shares opened today at $26.40, close to its 52-week high of $29.50.
Lyon said:
“We are buyers of HIBB heading into FQ2 results on Friday, August 24 BMO. Our 9c EPS estimate is 2c ahead of consensus as we are modeling slightly higher revenue growth of +15.4% on +6% comp (vs. +14% consensus on +6% comp), higher gross margin of 31.6% (vs. 31.4% consensus) and lower SG&A margin of 27.3% (vs. 27.9% consensus) relative to the Street. We believe our recovery thesis is well on track and Q2 will be reflective of this progress. Our industry checks and discussions with management indicate that the inventory mix continued to improve in Q2, which should translate into a significant upward comp inflection (on an easy -11.7% comparison) and strong gross margin recapture (vs. -400bps).”
According to TipRanks.com, Lyon is a 3-star analyst with an average return of 1.9% and a 49.2% success rate. Lyon covers the Consumer Goods sector, focusing on stocks such as Canada Goose Holdings Inc, Columbia Sportswear, and Deckers Outdoor.
Currently, the analyst consensus on Hibbett Sports is a Hold with an average price target of $26.
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The company has a one-year high of $29.50 and a one-year low of $9.40. Currently, Hibbett Sports has an average volume of 650.1K.
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Hibbett Sports, Inc. engages in the ownership and operation of sporting goods stores. Its products include footwear, apparel, accessories and sports and fitness products. The company was founded in 1945 and is headquartered in Birmingham, AL.
