Wedbush Remains Bullish on Foot Locker (FL) Following Solid 3Q
- Wall Street set to open flat as investors test rally
- Western Digital (WDC) Raises Q2 Outlook
- Biotech, Pharma Stocks Weaker Amid Trump Comments on Lower Drug Prices
- Oil slips on doubts output cut will end global glut
- Pre-Open Stock Movers 12/07: (EMKR) (PLAY) (WDC) Higher; (SIGM) (AVAV) (BLUE) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Wedbush reiterated an Outperform rating and $80.00 price target on Foot Locker (NYSE: FL) following the company's 3Q earnings report. Non-GAAP EPS of $1.13 was $0.03 above expectations. Wedbush expects FL to at least meet its FY16 guidance of MSD comp and DD EPS increase and produce a solid 4Q16.
Analyst Christopher Svezia commented, "Foot Locker reported a solid quarter with Y/Y comps of +4.7% and non-GAAP EPS of $1.13 ($0.03 above expectations). Given the environment of multiple brands competing with a solid product offering, and management’s focus on store remodels, inventory flow and providing customers with desired premium product, we expect FL to at least meet its FY16 guidance of MSD comp and DD EPS increase and produce a solid 4Q16. Additional upside is achievable if Europe’s weakening trajectory reverts in 4Q16."
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
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Mondelez Int'l (MDLZ) Seen as Kraft Heinz's (KHC) Next Logical Takeover Target - Credit Suisse
- Oppenheimer Raises Price Target on Bob Evans Farms (BOBE) Following 2Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
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!