Barclays Maintains an 'Equalweight' on Foot Locker (FL); Raising Estimates on Strong Quarterly Results

Barclays maintains an 'Equalweight' on Foot Locker (NYSE: FL) price target of $35.00.

Analyst, Robert S. Drbul, said, "Foot Locker reported 1Q12 adjusted EPS of $0.83, $0.13 above our estimate. Revenue increased 8.7% to $1.58 billion, with comp store sales up 9.7% driven by sales in marquee footwear merchandise in its basketball, classics and retro lines and strength in Apparel in the U.S. (+20%). This is the highest reported quarterly earnings in the company's history and ninth consecutive quarter that the company reported sales and profit increases."

Barclays raises FY12 EPS estimate from $2.30 to $2.55 and FY13 from $2.15 to $2.45.

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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