Canaccord Genuity Stamps $40 PT on Foot Locker (FL), Channel Checks Point to Strong Comps
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Price: $35.53 -0.84%
Rating Summary:
13 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 24 | New: 29
Rating Summary:
13 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 24 | New: 29
Trade FL Now!
Today Canaccord Genuity maintained a Buy rating on Foot Locker (NYSE: FL) with a price target of $40.00.
"We are raising our Q2 EPS estimate based on recent channel checks that have pointed to strong comp trends at FL. Color (fashion) and technology (innovation) from Nike continue to spur high sell-through rates in basketball," said analyst Camilo Lyon.
"FL continues to be our top retail pick as industry fundamentals coupled with a
definable path to gross margin gains should lead to positive estimate revisions into 2013," he added.
Canaccord’s new Q2 comp and EPS estimates are 8% (from 5%) and $0.36 (from $0.31), respectively
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 $34.62 yesterday, with a 52 week range of $16.84-$34.92.
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"We are raising our Q2 EPS estimate based on recent channel checks that have pointed to strong comp trends at FL. Color (fashion) and technology (innovation) from Nike continue to spur high sell-through rates in basketball," said analyst Camilo Lyon.
"FL continues to be our top retail pick as industry fundamentals coupled with a
definable path to gross margin gains should lead to positive estimate revisions into 2013," he added.
Canaccord’s new Q2 comp and EPS estimates are 8% (from 5%) and $0.36 (from $0.31), respectively
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 $34.62 yesterday, with a 52 week range of $16.84-$34.92.
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