Genesco Has Reached My Buy Target

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

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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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