UBS Ups Foot Locker (FL) PT to $76

August 22, 2016 7:37 AM EDT
Get Alerts FL Hot Sheet
Price: $68.85 --0%

Rating Summary:
    20 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 20 | New: 8
Trade FL Now!
Join SI Premium – FREE

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial here.

UBS analyst, Michael Binetti, reiterated his Buy rating on shares of Foot Locker (NYSE: FL) as SSS reaccelerated in 2Q and August-to-Date comps are solid up mid single digits. Unlike many other retailers in 2Q, FL reported positive US traffic. Total FL SSS were up +4.7% (including a ~10-30bp drag from the 34th St Flagship closure for remodel—reopening in 3Q).

By category: footwear +MSD (running +MSD, basketball +MSD, casual +HSD), apparel mixed (men’s +MSD, Kids +DD, women’s "challenged"). Footwear ASPs and units were both up YOY, with apparel ASPs up/units down. FL also reported Aug-to-date SSS +MSD (in line with expectations)—but said it will not provide current trends going forward (which could remove some shortterm stock volatility on future quarters).

GMs were +35bp (driven by less promotion in store, offset by more promos online to combat weak traffic—particularly at Eastbay, which seemed to slow amid The Sports Authority liquidation in the quarter).

The price target of $76.00 is up from $69.00.

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 $68.49 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities


Add Your Comment