UPDATE: Sterne Agee Downgrades Genesco on Valuation

In a report published Monday, Sterne Agee analyst Sam Poser downgraded the rating on Genesco (NYSE: GCO) from Buy to Neutral, and removed the $74.00 price target.

In the report, Sterne Agee noted, “We are moving to the sidelines based on valuation. The recent rapid run-up in the stock has pushed the price above our previous $74 PT. GCO is a good company with a solid management team and unique concepts, but we are currently staying on the sidelines and waiting for a better entry point.”

Genesco closed on Friday at $74.41.