Hibbett price target raised to $72 from $56 at Baird

Baird analyst Justin Kleber raised the firm’s price target on Hibbett to $72 from $56 and keeps an Outperform rating on the shares. The firm said that stronger sales, better-than-expected gross margin, and leaner SG&A contributed to a sizeable “toe-to-head” quarterly results beat. While upwardly revised FY23 EPS guidance continues to incorporate a prudently cautious view on Q4, the firm said it is encouraged by the strong response to new product launches.