B. Riley starts ‘deep-value stock’ Genesco with Buy

B. Riley analyst Jeff Lick initiated last night coverage of Genesco with a Buy rating and $43 price target. The analyst views Genesco as a “deep-value stock story with a combination of strategic positioning attributes, multiple self-help profit growth drivers, and one of the more experienced and talented senior management/board of director teams.” The amount of implied market value that Genesco needs to create to generate significant stock upside from current levels is relatively small, the analyst tells investors in a research note. The firm sees multiple potential pathways and scenarios leading to its price target, “many of which simply entail small internal changes and improvements that are largely in management’s and the board’s control.”