UBS Reiterates a 'Buy' on Foot Locker (FL); Raising PT and Estimates on Strong Q1 Results
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Price: $24.11 -0.86%
Rating Summary:
16 Buy, 21 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 18 | Down: 23 | New: 10
Rating Summary:
16 Buy, 21 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 18 | Down: 23 | New: 10
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UBS reiterates a 'Buy' on Foot Locker (NYSE: FL) price target raised $1 to $36.
Analyst, Michael Binetti, said, "FL's Q1 results exceeded our expectations—with ongoing strong trends in most businesses as well as signs of improvements in businesses that were concerns (e.g., Europe, Women’s, CCS). EPS upside in the qtr was driven by 1) global SSS of +9.7% (UBS estimate: 8%, Street: 6.5%); 2) +130bp GM improvement (+100bp occupancy, +30bp merch), and 3) +110bp SG&A leverage (UBSe: +100bp). We are raising our 2QE EPS to $0.33 from $0.31 and FY12E to $2.42 from $2.33."
Binetti also noted that May same-store sales trends are continuing in the positive and Binetti is excited that Lady Footlocker has finally swung into positive sales territory, after a long streak of lagging performance.
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 $30.33 yesterday.
Analyst, Michael Binetti, said, "FL's Q1 results exceeded our expectations—with ongoing strong trends in most businesses as well as signs of improvements in businesses that were concerns (e.g., Europe, Women’s, CCS). EPS upside in the qtr was driven by 1) global SSS of +9.7% (UBS estimate: 8%, Street: 6.5%); 2) +130bp GM improvement (+100bp occupancy, +30bp merch), and 3) +110bp SG&A leverage (UBSe: +100bp). We are raising our 2QE EPS to $0.33 from $0.31 and FY12E to $2.42 from $2.33."
Binetti also noted that May same-store sales trends are continuing in the positive and Binetti is excited that Lady Footlocker has finally swung into positive sales territory, after a long streak of lagging performance.
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 $30.33 yesterday.
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