Sterne Agee Reiterates Buy, $30 PT on Foot Locker

Sterne Agee maintains its Buy rating and $30 price target on Foot Locker, Inc. (NYSE: FL) as current trends on athletic footwear display continued strength.

Sterne Agee says, “We got the impression that the momentum from 3Q11 when the company posted SSS of 7.3% has continued into 4Q11. Promotional activity remains minimal due to the strength of new product; 4Q Air Jordan launches are better than last year and new Adidas lightweight basketball and running styles are performing well. A new Champs' prototype store in Tampa is showing promise and the concept will roll out in '12.”

FL closed at $24.81 per share on Thursday.