Cubs' World Series Win Means Buy Genesco's Stock, Analyst Says

By Markets MarketWatch Pulse

Shares of Genesco Inc. , which owns the Lids brand stores, rallied 2% in morning trade, with Susquehanna Financial analyst Sam Poser recommended buying the stock following the Chicago Cubs' World Series win. Poser said the Cubs' victory, which wasn't built into the company's outlook for the second half of this year, could give a big lift to holiday sales. He kept his rating at positive, but boosted his stock price target to $62 from $57, and raised his fiscal 2017 earnings-per-share estimate by 15% to $4.47, which is well above the FactSet consensus of $3.92. "The Cubs victory is a give that should keep on giving through the holidays," Poser wrote in a note to clients. "There are 40 Lids' Group stores in Illinois including 2 Cubs' Clubhouse stores and 9 Chicago Locker Room by Lids stores." The stock had lost 4.3% year to date, while the S&P 500 has gained 2.8%.

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