UBS Raises Price Target on Foot Locker (FL) to $80; Reiterates Buy
- Wall Street dips as investors turn defensive
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- Qualcomm (QCOM) Thrashed as Apple (AAPL) Lawsuit Threatens Licensing Business Model
- McDonald's (MCD) Tops Q4 EPS by 3c
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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."
Shares of Foot Locker closed at $71.78 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Procter & Gamble (PG) PT Raised to $96 at UBS Following 2Q Report
- UPDATE: Seaport Global Securities Upgrades Columbus McKinnon (CMCO) to Buy
- UPDATE: Seaport Global Securities Upgrades Flowserve Corp. (FLS) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!