UPDATE: Morgan Stanley Downgrades Finish Line Inc
In a note released Monday, Morgan Stanley analyst Joseph Wyatt downgraded shares of Finish Line Inc (NASDAQ: FINL) from Overweight to Equal-weight while maintaining a $34 price target.
Wyatt noted that athletic footwear remains one of the stronger categories in the mall. He added the industry also performs well during the back-to-school seasons. However, he believes Finish Line "unexpectedly" lost share in the second quarter.
Based on this sentiment, Wyatt has lowered his EPS estimate from $0.60 to $0.56 and his comparable sales estimate from 4 percent to 1 percent. If the company does post an earnings miss for the second quarter, Wyatt said it could send the stock tumbling down as much as 10 percent.
Despite his lowered expectations for the second quarter, Wyatt said it is likely the third quarter has started better than the second ended.
Latest Ratings for FINL
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jun 2018 | B of A Securities | Terminates Coverage On | Neutral | Neutral |
| Jun 2018 | Cowen & Co. | Terminates Coverage On | Market Perform | Market Perform |
| Mar 2018 | Citigroup | Upgrades | Sell | Neutral |
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Posted-In: Joseph Wyatt Morgan StanleyAnalyst Color News Downgrades Price Target Analyst Ratings
