Morgan Stanley Raises Bull Case on Foot Locker (FL) to $102 Amid Goat Stake, Worth $4-$7/Share

Morgan Stanley analyst Kimberly Greenberger reiterated an Equalweight rating and $65.00 price target on Foot Locker (NYSE: FL) but raised the Bull Case to $102 from $96, citing the company's stake in GOAT Group.

The firm's work suggests FLowns a10-20% stake worth $370-740M in equity value,or ~$4-7 per share.

The analyst commented, "GOAT’s valuation recently doubled its prior level, & we calculate FL owns 10-20%. This suggests 13-19% upside from current trading levels in a base case & 65-71% in a bull case (a $100+ stock). We raise our bull case to $102 to account for this investment in the event an unlock oppty materializes."

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 $60.53 yesterday.

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