Hibbett price target raised to $50 from $40 at BofA

BofA raised the firm’s price target on Hibbett to $50 from $40 and keeps an Underperform rating on the shares after the company reported Q3 EPS above the Street view on better-than-expected same-store sales. The firm is raising its multiple and price target to reflect stronger fiscal Q3 results, but reiterates its Underperform rating given continued risks from an elevated promotional environment and headwinds through the first half of 2024 due to more cautious consumer buying behavior after the holiday.