December 10, 2010 / 3:08 PM / 8 years ago

Forzani shares vault higher after strong results

* Shares up 10.5 pct early on Friday

* Company results reported late Thursday beat expectations

* Several analysts raise share price target

TORONTO, Dec 10 (Reuters) - Shares of Forzani Group Ltd FGL.TO, Canada’s biggest sporting goods retailer, were up 10.5 percent on Friday morning after the company reported earnings late Thursday that beat analysts’ expectations.

Quarterly profit at Forzani, which operates more than 550 retail outlets under banners such as Sport Chek, Atmosphere and National Sport, was up 20 percent, at C$13.7 million ($13.6 million), or 47 Canadian cents a share. That compares with C$11.4 million, or 37 Canadian cents a share, in the year-before quarter. [ID:nN09264477]

Analysts had expected earnings of 42 Canadian cents a share, according to Thomson Reuters I/B/E/S.

National Bank Financial on Friday raised its share-price target for the company to C$22.00 from C$19.00, Desjardins increased its target to C$24.00 from C$22.00, and Canaccord Genuity upped its target to C$19.00 from C$18.00.

Forzani shares were up C$1.66, or 10.5 percent, at C$17.44 on the Toronto Stock Exchange shortly after the market opened on Friday.

$1=$1.01 Canadian Reporting by John McCrank; editing by Peter Galloway

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