Piper Jaffray Raises Price Target on Finish Line (FINL) Following Q1 EPS Beat

Piper Jaffray reiterates an Overweight rating on Finish Line (NASDAQ: FINL), and raises the price target to $31.00 (from $29.00), following Q1 results. EPS came in $0.06 ahead of the Street at $0.30.

Analyst Erinn Murphy commented, "We remain Overweight shares of FINL following Q1's solid results in which EPS came in $0.06 ahead of the Street and comps were up 5.5%. On the call, management indicated that comps are tracking up MSD in June supported by strong running and basketball trends. Gross margins were better than we anticipated and we were particularly impressed the product margins were down only 20 bps in Q1. While management did not change their full-year guidance, they did note on the call that based on Q1, they were more confident in the high-end of their FY16 range of low- to midsingle digit EPS growth. We are leaving our $1.76 EPS unchanged. With respect to our PT, we are now basing it on FY17 vs. FY16 prior and assuming the shares trade at ~15x FY17 plus cash. As such, our price target moves up from $29 to $31."

For an analyst ratings summary and ratings history on Finish Line click here. For more ratings news on Finish Line click here.

Shares of Finish Line closed at $27.00 yesterday.

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