Foot Locker (FL) PT Raised to $67 at Berenberg

March 25, 2021 6:42 AM EDT
Get Alerts FL Hot Sheet
Price: $58.25 -2.48%

Rating Summary:
    26 Buy, 12 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 52
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Berenberg analyst Brian McNamara raised the price target on Foot Locker (NYSE: FL) to $67.00 (from $54.00) while maintaining a Buy rating.

The analyst commented, "Raising estimates; reiterate Buy rating and raise price target to $67 (from $54). We believe Nike's commentary regarding transient headwinds - port delays and COVID-19 pandemic restrictions - during its Q3 earnings last week, echoed FL's remarks 20 days earlier and should dispel any lingering FL investor concerns regarding Q4, in our view. With long-tenured CFO Mrs. Lauren Peters retiring next month, a new finance chief could also provide a near-term catalyst. We are raising our estimates as we believe FL has proven to be a standout in Retail throughout the unprecedented adversity over the last 12 months and would recommend investors continue accumulating shares."

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