Superior Group price target lowered to $20 from $22 at Barrington

Barrington lowered the firm’s price target on Superior Group to $20 from $22 and keeps an Outperform rating on the shares. The company’s stock price fell 31% on August 7, the day after Superior reported Q2 results, notes the analyst, who believes this was “an overreaction that presents a buying opportunity for long-term investors.” The firm also notes that Superior announced on August 12 that its board had authorized the repurchase of up to $10M of common stock over the next 12 months and that CEO Michael Benstock bought 10,000 shares in the open market at a per share price of $13.45 on August 16.