Williams Trading Maintains Foot Locker (FL) at Hold
Williams Trading analyst Sam Poser maintains Foot Locker (NYSE: FL) at Hold with a price target of $20.00 (from $21.00).
The analyst comments "Cutting estimates, and lowering PT from $21 to $20 post a 3Q24 miss and a FY24 guidance cut. FL's confidence, on the 2Q24 earnings call that improved allocations from Nike (NKE-Buy-$97 PT) would drive and an acceleration in sales trends in 2H24, proved unfounded. Strong sales during back-to-school led to a HSD comp increase in September. Once the BTS event was over comps turned negative for the balance of the quarter. 3Q24 SSS increased 2.4% (Consensus: +3.2%), disappointed FL management, and decelerated from 2Q24, despite improving merchandise assortments, an updated loyalty program and significant updates to the store base."
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Shares of Foot Locker closed at $22.02 yesterday.