UPDATE: Williams Trading Downgrades Foot Locker (FL) to Hold
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Williams Trading analyst Sam Poser downgraded Foot Locker (NYSE: FL) from Buy to Hold, PT $54.00
The analyst comments "Take a breather. Apparent market-share loss to competitors,and perhaps to some of it largest vendors, not the 4Q revenue miss, a 2.7% decrease in SSS, as compared the consensus expectation for a 4.9% increase, moves us away. We had, wrongly, thought, based on proprietary industry checks, and Hibbett's (HIBB - Buy Rated $80 PT) recent pre-announcement of a 21.9% increase in 4Q21 SSS would translate into FL's domestic results overwhelming headwinds in Europe and Canada. Covid-19 related West Coast port delays, that were material and unexpected by management, did hurt results. We recognize that compares ease, and stores in major markets will be fully open later in the year, but it's unclear what FL is doing for itself to truly position itself well for the long term."
Shares of Foot Locker closed at $51.65 yesterday.
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