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Fly News Breaks for January 9, 2019
GCO
Jan 9, 2019 | 10:00 EDT
As previously reported, Pivotal Research analyst Mitchel Kummetz downgraded Genesco to Hold from Buy as he senses a disconnect between the company's fundamentals and valuation. He believes performance has deteriorated since Genesco reported its Q3 in early December, as he thinks that the boot category "rolled over" in December, but notes that the stock has appreciated 15% over that time. The stock is now trading at a 13% premium to the group, which "seems a little rich," added Kummetz, who keeps a $52 price target on Genesco shares.
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