UPDATE: UBS Downgrades Foot Locker (FL) to Neutral

(Updated - August 21, 2017 9:59 AM EDT)

(updated to add analyst comment)

UBS downgraded Foot Locker (NYSE: FL) from Buy to Neutral with a price target of $37.00 (from $70.00).

Analyst Mike Binetti commented in the premarket "The emerging industry challenges + FL’s comments that its core strategy of launch-based premium footwear events has fallen flat makes it difficult to embrace a scenario where SSS returns to positive soon. FL is near historical peak margins—creating serious EPS risk if SSS stays even slightly negative for an extended period."

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 $34.38 Fridya.

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