Sterne Agee CRT Raises Price Target on Foot Locker (FL) to $85 Following 2Q15 EPS Beat

Sterne Agee CRT reiterated a Buy rating on Foot Locker (NYSE: FL), and raised the price target to $85.00 (from $75.00), following the company's 2Q15 earnings results. FL reported EPS of $0.84 on a 9.6% SSS increase versus consensus estimates of $0.69 on a +5.9% SSS.

Analyst Sam Poser commented, "FL is taking share due to impressive execution on all fronts. Total 2Q15 SSS increased 9.6%. FL US domestic B&M SSS increased high mid single digits, and banner .com businesses increased 40%, as compared to FINL's 1Q16 B&M SSS of +0.2% and e-commerce increase of 35%. The basketball & lifestyle running businesses are driving sales at FL. Foot Locker Inc. will continue to take share as its management is never satisfied. The later Labor Day holiday contributed to the August to date MSD SSS increase. We expect to see sales acceleration and see no material change to the 2Q trends. European SSS increased DD and more opportunities persist."

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 $69.02 yesterday.

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