Foot Locker (FL): Raising PT - Jefferies
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Jefferies analyst, Randall Konik, reiterated his Buy rating on shares of Foot Locker (NYSE: FL) after the company FL put up solid 2Q results with sales, margins and EPS ahead of expectations and started 3Q off to a strong start with +MSD comps. The sequential re-acceleration in basketball shoes, stellar success of brands like Adidas, and long term growth initiatives are on track.
The price target increases to $80.00 (from $73.00) on a 16.5x P/E and 8.6x EV/EBITDA on FY18 estimates.
Shares of Foot Locker closed at $68.49 yesterday.
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