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Downgrade Alert for Genesco (GCO)

By James Quinn

Genesco (NYSE:GCO) was downgraded from Strong Buy to Buy at CL King today. The stock closed yesterday at $55.30 on volume of 226,000 shares, above average daily volume of 187,000.

In the past 52 weeks, Genesco share prices have been bracketed by a low of $47.66 and a high of $74.21 and closed yesterday at $55.30, 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

There is potential upside of 26.7% for shares of Genesco based on a current price of $55.30 and an average consensus analyst price target of $70.09. Genesco shares should first meet resistance at the 200-day moving average (MA) of $62.12 and find additional resistance at the 50-day MA of $68.74.

Genesco Inc. retails branded footwear, licensed and branded headwear, and wholesales branded footwear. The Company operates stores throughout the United States, Puerto Rico, and Canada.

SmarTrend is tracking the current trend status for Genesco and will alert subscribers who have GCO in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades genesco

Ticker(s): GCO