Piper Jaffray Reiterates Overweight Rating For Genesco

In a report published by Piper Jaffray, Genesco's GCO visibility is improving with acquisitions.

Piper Jaffray reported that it reiterates its Overweight rating on GCO shares following the company's FQ4 results and believe further sales upside exists in FY12, especially as the retailer comes off its most profitable quarter in 4 years, as the casual and boot footwear fashion cycle continues, and as the team sports division expands through further acquisitions and international growth. “While cost pressures and the possibility of a back half of the year NFL strike pose as headwinds, we remain encouraged by current sales momentum and believe +9% sales and +15% earnings growth will manifest this year. We are raising our FY12E EPS from $2.83 to $2.85 and our price target from $42 to $46 based on a revised 16x FY12E EPS of $2.85.”

Genesco closed on Friday at $41.59.