BB&T Capital maintained a Buy rating on Foot Locker (NYSE: FL), and cut the price target to $70.00 (from $80.00), following Nike's (NYSE: NKE) 4Q earnings report. NKE specifically noted that it has a full pipeline of innovative product for the coming year across categories for both footwear and apparel. BB&T expects this should continue to drive further ASP growth.

Analyst Corinna Freedman commented, "Following Nike's (NKE-$53.09-Buy) Q4 earnings report, we came away incrementally more positive for Foot Locker. We were particularly encouraged by NKE's strong ASP growth in the quarter, which we believe will be further supported by its full pipeline of innovative product. In addition, NKE's mgmt provided favorable commentary regarding its basketball business, which we believe will benefit FL. During our recent channel checks, we have observed a more normalized level of discounting across FL's banners, particularly for basketball footwear. We are lowering our price target to $70 from $80 on more conservative valuation multiples given the overall macro environment and post-Brexit concerns. However, we continue to believe the stock is undervalued and maintain our EPS estimates and Buy 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 $52.18 yesterday.