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A number of analysts following Genesco have lifted their price targets for the footwear retailer’s shares in the wake of its first-quarter earnings report.

The leaders of Nashville-based Genesco on Thursday reported a fiscal Q1 profit of $8.9 million on sales of $539 million, both numbers that topped expectations. The company’s top line was 9 percent higher than the figure of two years ago even though stores were open for about 90 percent of possible days. Chairman and CEO Mimi Vaughn and her team said they expect consumer spending to remain strong through the back-to-school season this summer thanks in part to larger child tax credits that will become effective in July.

“We see lots of great signs in our business ... [and] in the economy,” Vaughn said. “There is a lot to come in the back part of the year.”

Analyst Steve Marotta at C.L. King is betting big on “a pretty massive tailwind” and has lifted his price target for Genesco — which he rates a ‘buy’ — to $64 from $61. Pent-up demand among Genesco’s key teenager customer base “could prove historic,” King told clients, and drive Genesco’s profits to grow to $4.40 per diluted share this year. His previous estimate was $3.90.

Also picking up his outlook for Genesco is Jon Komp at Baird, who now sees the stock climbing to $60 in coming quarters versus his previous target of $50. Komp, who has a ‘neutral’ rating on the stock, also has lifted his earnings-per-share estimates to $4.50 this fiscal year (from $3.50) and to $5.00 in fiscal 2023 (from $4.75), saying he has incorporated slightly higher general expenses as the company’s operations return to normal.

In addition, Mitch Kummetz at Pivotal Research Group has raised his target to $72 from $65 — not long after raising it from $57 earlier this month — and Janie Stichter at Jefferies has taken her target to $60 from $51.

Shares of Genesco (Ticker: GCO) were changing hands Friday afternoon at $55.05, down nearly 3 percent on the day on light volume heading into the holiday weekend. They have nearly doubled year to date.

Genesco’s strong Q1 numbers have come just days after Vaughn and her fellow directors elected three executives, including former Tractor Supply CEO Greg Sandfort, to join them and said two directors will retire this summer. That move led activist investor Legion Partners Asset Management, which has called on Genesco to make strategic and governance changes, to shrink to four (from seven) its slate of board candidates. Genesco leaders have said they expect to hold their annual shareholders’ meeting in July.

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