Rochester,NY 8/28/2009 9:06:14 PM
Hibbett Sports, Inc. HIBB, shares rise after JPMorgan upgrade
Hibbett Sports, Inc.
Shares of Hibbett Sports rose Monday after a JPMorgan analyst upgraded the stock to "overweight" from "neutral" based in part on a more optimistic forecast for its performance in the second half of the year.
The stock rose 91 cents, or 5.5 percent, to $17.46 in afternoon trading.
JPMorgan said the sports gear maker has been upgraded because it should benefit from the later back-to-school season. It also cited the company's "conservative" profit guidance and said the stock's 7.5 percent drop after it reported second-quarter results was "overdone."
The company predicts its fiscal 2010 profit will be in range of 85 cents to 95 cents per share.
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