Hibbett Sports (NASDAQ:HIBB) Should Meet or Exceed Guidance Says FBR

Hibbett Sports (NASDAQ:HIBB) should exceed guidance from management based upon the strong product cycle in footwear and effective merchandising, says FBR Capital.

"Better-than-expected sales and margins drove upside to our EPS estimate and consensus in the quarter. Strong comp momentum has continued so far in 4Q (November comps to date are up 19% versus a flat November comp last year), and although comparisons stiffen in December (December was up 15% last year and January was up high single digits) as the company anniversaries favorable weather and championship wins from Alabama and the Saints (regional strongholds), we nonetheless believe that given effective merchandising coupled with the strong product cycle in footwear, the company should continue to drive positive comps, hitting or exceeding management's guidance for a mid-single-digit comp increase in 4Q," said FBR.

FBR maintains a "Market Peform" on Hibbett, which closed Monday at $33.55, gaining $0.81, or 2.47 percent. FBR has a price target of $33 on them.