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GCO

Genesco

$39.16

0.19 (0.49%)

06:53
09/30/19
09/30
06:53
09/30/19
06:53

Genesco announces new $100M stock repurchase authorization

Genesco announced that its board has authorized it to repurchase up to $100M of the company's common stock. The company exhausted its previous $100M authorization from May, pursuant to which the company repurchased roughly 2.5M shares at a total cost of approximately $100M. During Q3 of FY20, 0.9M of those shares were repurchased at a total cost of approximately $31M. Earlier this year, the company exhausted its $125M repurchase authorization from December 2018, pursuant to which the company repurchased roughly 2.8M shares at a total cost of approximately $125M. Between these two authorizations, the company has repurchased 5.3M shares at a total cost of approximately $225M.

GCO Genesco
$39.16

0.19 (0.49%)

09/09/19
09/09/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Las Vegas Sands (LVS) upgraded to Buy from Hold at Deutsche Bank with analyst Carlo Santarelli saying Bearish Macau sentiment has created an opportunistic entry point for medium to longer term investors. 2. Genesco (GCO) upgraded to Buy from Hold at Pivotal Research with analyst Mitch Kummetz citing the company's Q2 beat and guidance increase. 3. Entergy (ETR) upgraded to Overweight from Neutral at JPMorgan with analyst Christopher Tenure saying unlike some of its large premium valuation peers, Entergy has potential for both high rate base growth and improving earned returns on equity. 4. SAIC (SAIC) upgraded to Outperform from Market Perform at Cowen with analyst Cai Von Rumohr saying the "sharp selloff" in shares has resulted in favorable risk/reward and raised its price target to $102.00. 5. Chipotle (CMG) upgraded to Outperform from Neutral at Wedbush with analyst Nick Setyan saying as the industry transitions towards a larger mix of digital transactions, the analyst believes Chipotle is in a leading position to establish a digital moat. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/19
PIVT
09/09/19
UPGRADE
Target $48
PIVT
Buy
Genesco upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Mitch Kummetz upgraded Genesco to Buy from Hold and raised his price target for the shares to $48 from $40. Following the company's Q2 beat and guidance increase, the analyst sees an improved fiscal 2021 setup and a "favorable" valuation. He believes Journeys' same-store-sales could remain "positive for a while" and come in better than expected. Further, Kummetz likes how Genesco's fiscal 2021 earnings sets up on share buybacks and the expected reduction of stranded and other costs. In addition, the stock is "too cheap" at a 20% discount to the peer group, the analyst tells investors in a research note.
08/27/19
SUSQ
08/27/19
UPGRADE
SUSQ
Positive
Genesco upgraded to Positive from Neutral at Susquehanna
01/09/19
01/09/19
DOWNGRADE
Target $52

Hold
Genesco downgraded to Hold on valuation 'disconnect' at Pivotal Research
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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