Wedbush Remains Bullish on Foot Locker (FL) Following Solid 3Q
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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.
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