Canaccord Genuity Reiterates a 'Buy' on Foot Locker (FL); In Full Stride; Raising PT
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Price: $24.01 --0%
Rating Summary:
16 Buy, 25 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 19
Rating Summary:
16 Buy, 25 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 19
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Canaccord Genuity reiterates a 'Buy' on Foot Locker (NYSE: FL) price target raised from $36 to $39.
Analyst, Camilo Lyon, said, "FL reported strong Q1 EPS of 0.83 vs. our estimate and consensus of $0.74, with upside coming from both comp growth and margin expansion that exceeded our expectations. We believe consistent momentum in the athletic footwear space coupled with robust gross margin expansion opportunities puts FL in a position to continue generating successive earnings beats through 2012. As such, we believe 2012 guidance that was increased to account for the Q1 beat appears conservative. With the product pipeline still strong, an improving apparel business, a long gross margin runway, and strong balance sheet ($5/share in net cash), we reiterate our rating."
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 $30.33 yesterday.
Analyst, Camilo Lyon, said, "FL reported strong Q1 EPS of 0.83 vs. our estimate and consensus of $0.74, with upside coming from both comp growth and margin expansion that exceeded our expectations. We believe consistent momentum in the athletic footwear space coupled with robust gross margin expansion opportunities puts FL in a position to continue generating successive earnings beats through 2012. As such, we believe 2012 guidance that was increased to account for the Q1 beat appears conservative. With the product pipeline still strong, an improving apparel business, a long gross margin runway, and strong balance sheet ($5/share in net cash), we reiterate our rating."
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 $30.33 yesterday.
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