Piper Jaffray Raising Estimates On Genesco Inc. (GCO)

Piper Jaffray is raising its estimates on Genesco Inc. GCO. It has an Overweight rating and a $42 price target on shares. In a note sent to clients, Piper Jaffray writes, "We are reiterating our Overweight rating on GCO shares following the company's announcement that quarter-to-date same-store sales are up +9% y/y, e-commerce and catalog are up +25% qtd, and that it is raising FQ4 EPS guidance from the $1.23-$1.28 range to $1.25-$1.30. We are encouraged by strong footwear trends industry-wide as well as the opportunity for new unit growth. As such, we are increasing our FQ4, FY11, and FY12 EPS ests and maintain our $42 price target. We look to gain more perspective following tomorrow's management presentation at the 13th Annual ICR XChange about what is driving improved sales results." Shares of GCO lost 62 cents yesterday to close at $36.82.