Canaccord Genuity Reiterates a 'Buy' on Foot Locker (FL); Solid Nike (NKE) Release Schedule Bodes Well for FL

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Canaccord Genuity reiterates a 'Buy' on Foot Locker (NYSE: FL) price target raised from $30 to $34.

Analyst, Camilo Lyon, said, "FL will report Q4/11 earnings on Thursday, March 1 after market close. Based on our strong checks throughout the quarter, a consistent basketball release schedule from Nike (NYSE: NKE), and favorable December commentary from FINL, we are raising our comp assumption to 6% from 5% and our Q4 EPS estimate to $0.52 from $0.50. In addition to top-line trends remaining robust, we continue to believe there is 150-200bps of gross margin improvement opportunity in the apparel segment that remains untapped."

Lyon also believes that FL's Analyst Day on March 6th is the next catalyst post-earnings.

For an analyst ratings summary and ratings history on Foot Locker click here. For more ratings news on Foot Locker click here.

Shares of Foot Locker closed at $28.36 yesterday, with a 52 week range of $16.66-$28.58.

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