Wedbush Starts Foot Locker (FL) at Outperform
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Wedbush initiates coverage on Foot Locker (NYSE: FL) with a Outperform rating and a price target of $80.00.
Analyst Christopher Svezia commented, "We are initiating coverage of Foot Locker (FL) with an OUTPERFORM rating and $80 PT or ~15x P/E. We believe the 13% premium multiple to historical levels is justified given FL’s global dominance in athletic footwear and the ability to navigate and adapt to consumer preferences. In addition, management continues to show discipline investing capital within the business (remodels, inventory management systems and new concepts) and returning cash to shareholders. This has allowed FL to generate consistent, industry-leading comp and earnings growth, which we believe will carry into FY17."
Shares of Foot Locker closed at $65.80 yesterday.
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