Genesco (GCO -2.8%) slides after Sterne Agee makes a valuation call and downgrades the stock to Hold after it pushes through the $74 price target. Still bullish on company prospects and enamored of management, the team believes the recovery in Lids and Schuh and continued solid performance of Journey's are priced in and investors may do better getting on the sidelines for awhile.
Genesco (GCO +2.5%) moves up this morning after its Q2 beat on all counts. Net earnings swung to a profit as the seller of hats and footwear posted stronger sales and fewer one-time charges. The company also unveiled a new $75M stock repurchase program and raises its outlook for FY12. It now expects to earn between $4.88 to $5 per share and same-store sales growth to come in around 4%, the high end of former estimates of 3% to 4%.