UBS Raises Price Target on Foot Locker (FL) to $80; Reiterates Buy

November 21, 2016 9:06 AM EST
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Price: $74.23 +0.75%

Rating Summary:
    19 Buy, 11 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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UBS reiterated a Buy rating on Foot Locker (NYSE: FL), and raised the price target to $80.00 (from $76.00), following the company's 3Q earnings report. FL reported EPS of $1.13, ahead of the Street's $1.11 estimate. FL reported positive traffic in the US in 3Q.

Analyst Michael Binetti commented, "FL reported 3Q EPS of $1.13 (including +$0.02 from a lower tax rate than our model) vs. UBSe: $1.10 and Street: $1.11. SSS increased +4.7% (UBSe: +5.1%, Street: 4.7%) with each month +MSD. By category: footwear +MSD (running +HSD, casual +HSD, basketball slightly negative), apparel +MSD (AURs up, units down). Europe declined more than expected at –LSD in the quarter (we expected flat) driven by weakness at Runners Point/Side Step. Despite consistent read-throughs from competitors about negative mall traffic in the quarter, FL reported positive traffic in the US in 3Q. GM expansion was slightly below our model as well at +10bp YOY (UBSe/Street: +40bp) partly driven by higher promos to drive traffic at Eastbay.com."

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 $71.78 yesterday.



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