Sterne Agee Raises FY14-FY16 Estimates on Foot Looker (FL)
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Rating Summary:
16 Buy, 21 Hold, 4 Sell
Rating Trend: Up
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Up: 11 | Down: 18 | New: 17
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Sterne Agee analyst Sam Poser raised estimates while reiterating a Buy rating and $65 price target on Foot Locker (NYSE: FL).
Poser commented, "FL not only beat the quarter, but store traffic, in this dismal retail environment, was down less than 1%. October SSS increased LSD despite the shift of 2 major launch shoes into 4Q. The product pipeline for 4Q14 through 1H15 is very strong, and management is confident of both the near-term and long-term opportunities. The Six:02 concept is a potential $1B opportunity over time. We are confident that incoming CEO Dick Johnson will build upon the culture and processes that retiring CEO Ken Hicks put in place. Apparently the succession plan has been in place since Ken Hicks joined FL in 2009. There is a succession plan in place going forward as well."
Th efirm is raising FY14/15/16 EPS estimates from $3.46/$3.84/$4.33 to $3.52/$3.90/$4.44.
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 $54.55 yesterday.
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