Analyst Stephanie Wissink at Piper Jaffray has cut her rating on shares of Genesco to 'neutral' from 'overweight' and has slashed her price target to $70 from $81. Her reason: Consumers appear to be shifting their apparel spending from footwear to apparel, which has her estimates for shoe sales slipping below this summer's surveys. "At this juncture, downside risk to shares appears limited but we lack conviction in a fundamental catalyst to drive shares materially higher," Wissink wrote. Genesco shares (Ticker: GCO) are taking the news fairly well, considering the big target price cut: At about 1:50 p.m., they were down about 2.5 percent. Year to date, they're down slightly.
Also on the receiving end of a downgrade Wednesday was Healthcare Realty Trust. Locally based researcher Frank Morgan at RBC Capital has trimmed his rating to 'sector perform' from 'outperform.' His new target is $24, down from $25. Healthcare Realty shares (Ticker: HR) are down slightly Wednesday afternoon and are up about 25 percent this afternoon.