Foot Locker (FL) Volatility Related to Weak Basketball Shoe Data from SportScanInfo, Sterne Agee Says
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Rating Summary:
16 Buy, 21 Hold, 4 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 10 | New: 12
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Sterne Agee analyst Sam Poser weighed in on Foot Locker (NYSE: FL) given today's volatility, which he believes is related to SportScanInfo data.
"SportScanInfo data that came out this morning stated that last week's basketball sales were down 7.2%," Poser said. "The stock's activity does not reflect shifts of launch dates for a number of key items. Last week's numbers do not include the Lebron XII, that was pulled because of cosmetic issue, and the lapping of the of the Jordan 6 "rings" from last year."
Poser said the basketball business remains very healthy and is more than confident that the 10-25-14 launch of the Jordan 13 Baron's will return the basketball business to its positive mid teens run rate.
The firm maintained a Buy rating and price target of $65.
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 $55.40 yesterday.
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