Goldman Sachs Ups Genesco to In-Line
Goldman Sachs upgraded Genesco (GCO) to in-line from underperform, explaining that U.S. footwear demand is strong across most style categories.
Analyst Randal Konik says evidence suggests that the Active Lifestyle category (particularly in women's) is gaining incremental momentum. He believes this is creating market share shifts at retail stores. He notes that given Genesco's strong position in Active Lifestyle through Journeys, he sees them as the primary beneficiary. He says Foot Locker (FL) should also gain given its perception as a "go-to" retailer in many footwear categories. He sees The Finish Line (FINL) losing market share over the near-term.