Hibbett price target raised to $40 from $35 at BofA

BofA analyst Alexander Perry raised the firm’s price target on Hibbett to $40 from $35 to reflect better Back-to-School momentum, but reiterated an Underperform given continued risks from an elevated promotional environment in footwear and headwinds related to student loan repayments. The firm notes Hibbett Sports reported Q2 EPS of 85c, which was below its 97c estimate but above Street’s 72c, and same store sales of -7.3%, above BofA’s -8.0%. Importantly, the firm believes same-store sales were softer in the first half of the quarter, before accelerating in July given a strong start to Back-to-School and an improving launch calendar.