Avondale slashes Genesco target

Analyst Mark Montagna at Avondale Partners has taken his price target for Genesco shares by more than 20 percent in the wake of the company's third-quarter profit report and so-so outlook for the holiday quarter. The stock (Ticker: GCO) remains at an attractive entry level, Montagna says, and has upside of about 20 percent to his $66 target. (His previous one was $88.) Looking at the sales outlook, Montagna is on a bit of a different page than Genesco execs on a few things. He sees the Journeys chain posting better numbers because of its pricing power but expects the Lids concept of hat stores to see sales drop off more than the forecast 1 to 3 percent because of strong comparisons against the past two years.