Hibbett's Race Against Slowing Footwear Demand: Analyst Revises Price Target
Portfolio Pulse from Nabaparna Bhattacharya
Telsey Advisory Group analyst Cristina Fernández reiterated an Outperform rating on Hibbett, Inc. (NASDAQ:HIBB) but lowered the price target to $70 from $80. The analyst expects weakening demand for athletic footwear to hurt the company's 1Q earnings, but also notes that Hibbett faces less competition in many markets and has improved product allocations.
May 23, 2023 | 6:45 pm
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Hibbett's price target has been lowered to $70 from $80 due to weakening demand for athletic footwear, but the company faces less competition and has improved product allocations.
The analyst lowered Hibbett's price target due to concerns about weakening demand for athletic footwear, which could negatively impact the company's 1Q earnings. However, the company faces less competition in many markets and has improved product allocations, which could help offset the negative impact of the weakening demand. As a result, the short-term impact on the stock price is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100