- It's a wild comeback ride for shares of Finish Line (FINL +3.8%) after the retailer's slashed guidance initially sent investors to the exit door.
- Wells Fargo (NYSE:WFC) analyst Tom Nikic has a detailed explanation for the turnaround.
- "For those looking for silver linings in a choppy print, we'd point out that the guidance reiteration suggests that at least things haven't gotten any worse in September, inventories were down -7% on an owned basis, the company ended the quarter with cash of $115 million (roughly 30% of the market cap) and there is new innovation coming to the sneaker market that optimists can hang their hat on (more Vapormax including kids styles, upgraded Air Force 1 styles, new Nike (NYSE:NKE) NBA apparel, etc.)," he writes.
- Shares of Finish Line are up 39% from the 52-week low of $6.90 struck in late August.
- Previously: More on Finish Line's Q2 results (Sept. 22)
- Previously: Finish Line EPS in-line, misses on revenue (Sept. 22)
- Now read: Under Armour: Too Bearish
Original article