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

|By:, SA News Editor

"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.