Genesco price target raised to $29 from $24 at Jefferies

Jefferies raised the firm’s price target on Genesco (GCO) to $29 from $24 and keeps a Hold rating on the shares following “another solid” quarter in Q2. Despite macro headwinds and promotional pressure in the UK, top- and bottom-line results exceeded expectations, supported by strong store performance, strategic product initiatives, and early back-to-school traction, the firm told investors in a research note. Jefferies added that Journeys 4.0 remodels delivered over 25% sales lift, with 55 stores converted and at least 80 expected by year end.