Hibbett price target raised to $88 from $70 at Seaport Research

Seaport Research analyst Mitch Kummetz raised the firm’s price target on Hibbett to $88 from $70 and keeps a Buy rating on the shares ahead of the company’s Q4 report due on Friday, March 15. For Q4, the firm suspects that Hibbett’s sales were towards the higher end of the company’s range, but it worries “a little” about FY25 guidance, especially Q1, relative to consensus, the analyst tells investors in a preview note. While the firm is lowering estimates, it is raising its price target, which it admits “may seem counterintuitive.” However, the analyst says the new higher target reflects a 300 basis point uptick in Hibbett’s peer group multiple since the firm had last updated its price target.