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CIBC World Cuts Finish Line to Sector Perform


CIBC World downgraded Finish Line (FINL) to sector perform from sector outperform, noting the lack of visibility in the company's sales and earnings this year.

Analyst Dorothy Lakner notes that the company now sees 84 cents to 85 cents fiscal year 2007 (ending Jan) earnings per share (EPS) vs. her and FirstCall's $1.34 estimate. She says the company made drastic revisions to sales and EPS guidance for fiscal year 2007 based mainly on double-digit declines in women's and kid's footwear, well beyond her -2% estimate. She says shares are trading at about 15 times her new $1.00 fiscal year 2008 EPS estimate, not cheap unless there can be a case for bigger EPS recovery.


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