Hibbett downgraded to Market Perform from Outperform at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez downgraded Hibbett to Market Perform from Outperform with a price target of $74, down from $82. The company’s 2024 is projected to be a more difficult year than anticipated with the comp flat to down low single digits and operating margin contraction, the analyst tells investors in a research note. The firm says the lower sales projection is driven by the consumer remaining cautions and not as much newness in the marketplace. Telsey thinks it will be hard for the stock to work until there are signs of accelerating comp growth.