UPDATE: Morgan Keegan Raises PT on Hibbett Sports to $59

Morgan Keegan has published a research report on Hibbett Sports (NASDAQ: HIBB) and has raised the price target on the company from $50 to $59 after the company reported solid 4Q results.

In the report, Morgan Keegan writes, "We are encouraged by the broad based sales strength, operating margin expansion and strong new store performance. We believe that HIBB will continue to increase sales and operating margin over time and that ample opportunity exists for long term store growth. We reiterate our Outperform rating with shares trading at 11.0x our NTM EV/EBITDA estimate (5 yr. range: 6.1x-12.9x)."

Morgan Keegan maintains its Outperform rating on Hibbett Sports, which is currently trading down $0.35 from Friday's $51.49 closing price.