Foot Locker (FL) Tops Q4 EPS by 7c
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Telsey Downgrades Foot Locker (FL) to Market Perform
March 7, 2024 5:07 AM ESTTelsey analyst Cristina Fernandez downgraded Foot Locker (NYSE: FL) from Outperform to Market Perform with a price target of $28.00 (from $38.00).
The analyst comments "We are downgrading FL to Market Perform from Outperform due to higher than expected SG&A spending in 2024 that is resulting in a more gradual pace of operating margin recovery than we had anticipated. In specific, Foot Locker guided to operating margin expansion of just 10-50 bps YoY to 2.8%-3.2% in 2024, despite the comp and gross... More
