Hibbett Gets Price Target Cuts By Analysts After Weak Q1 Earnings

Hibbett, Inc. HIBB reported worse-than-expected first-quarter results.

Hibbett reported first-quarter FY23 sales growth of 7.4% year-on-year to $455.50 million, missing the consensus of $460.40 million. EPS of $2.74 missed the analyst consensus of $3.04.

The company expects sales to be flat or rise by up to ~2.0% in dollars. Earlier, the company expected sales to be up mid-single digits.

Hibbett shares dropped 11.3% to close at $39.19 on Friday and added 0.3% in today’s pre-market trading session.

These analysts made changes to their price targets on Hibbett following earnings announcement.

• Telsey Advisory Group cut the price target on Hibbett from $70 to $60. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• Baird slashed the price target on Hibbett from $70 to $50. Baird analyst Peter Benedict maintained a Outperform rating.
• Williams Trading, on Friday, lowered Hibbett price target from $54 to $37. Williams Trading analyst Sam Poser downgraded the stock from Hold to Sell.

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