Canaccord Genuity Reiterates a 'Buy' on Foot Locker (FL); Solid Nike (NKE) Release Schedule Bodes Well for FL
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Price: $24.01 --0%
Rating Summary:
16 Buy, 25 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
16 Buy, 25 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Foot Locker (NYSE: FL) price target raised from $30 to $34.
Analyst, Camilo Lyon, said, "FL will report Q4/11 earnings on Thursday, March 1 after market close. Based on our strong checks throughout the quarter, a consistent basketball release schedule from Nike (NYSE: NKE), and favorable December commentary from FINL, we are raising our comp assumption to 6% from 5% and our Q4 EPS estimate to $0.52 from $0.50. In addition to top-line trends remaining robust, we continue to believe there is 150-200bps of gross margin improvement opportunity in the apparel segment that remains untapped."
Lyon also believes that FL's Analyst Day on March 6th is the next catalyst post-earnings.
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 $28.36 yesterday.
Analyst, Camilo Lyon, said, "FL will report Q4/11 earnings on Thursday, March 1 after market close. Based on our strong checks throughout the quarter, a consistent basketball release schedule from Nike (NYSE: NKE), and favorable December commentary from FINL, we are raising our comp assumption to 6% from 5% and our Q4 EPS estimate to $0.52 from $0.50. In addition to top-line trends remaining robust, we continue to believe there is 150-200bps of gross margin improvement opportunity in the apparel segment that remains untapped."
Lyon also believes that FL's Analyst Day on March 6th is the next catalyst post-earnings.
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 $28.36 yesterday.
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