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"Our estimates assumed an unrealistically high degree of expense leverage," Needham says,...

"Our estimates assumed an unrealistically high degree of expense leverage," Needham says, referring to EPS estimates for Hibbett Sports (HIBB -0.9%). Analyst Sean McGowan now sees FY13 and FY14 earnings of $3-3.05/share and $3.40-3.65/share respectively. Needham "remains bullish on the shares," but cuts its price target to $61, which still represents a healthy 9.3% gain from yesterday's close.
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