UPDATE: Goldman Sachs Starts Foot Locker (FL) at Buy
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Goldman Sachs analyst Kate McShane initiates coverage on Foot Locker (NYSE: FL) with a Buy rating and a price target of $70.00.
The analyst comments "We are initiating on Foot Locker (FL) with a Buy rating based on: i) FL’s strong omnichannel presence, ii) a solid pipeline of new fashion and innovation allowing for pricing power and top line growth, iii) ongoing real estate rationalization driving higher sales per square foot, iv) likely ongoing share consolidation from undifferentiated competitors, v) unique differentiators and drivers like Power Stores and growth investments in emerging companies, and vi) an attractive valuation."
Shares of Foot Locker closed at $58.68 yesterday.
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