Genesco Has Reached My Buy Target

Aug. 29, 2013 10:22 AM ETGCO
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Contrarian, Growth At A Reasonable Price, Macro

Contributor Since 2010

MPORTANT DISCLAIMER: Martin is not a Registered Investment Advisor, Broker/Dealer, Securities Broker or Financial Planner. The Information on or elsewhere is provided for information purposes only. The Information is not intended to be and does not constitute financial advice or any other advice, is general in nature and not specific to any individual. Before using Martin's information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence. None of the information provided by Martin is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. Martin is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Genesco's shares dropped 10% on lowered 2014 EPS outlook. This makes Genesco a buy, following my July 2013 recommendation to wait for a pullback due to headwinds ahead:

"Genesco is a very good company with an attractive and realistic 12% EPS growth forecast. Unfortunately, the stock is now fairly valued and faces many headwinds in the upcoming quarters despite the company's many positive moves. Due to these factors and the 10% discount that I recommend to demand for a downside protection, I advise investors to wait for at least a 7% pullback. This would make the stock a buy anywhere below $65."

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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