UPDATE: Canaccord Genuity Raises Foot Locker's PT

According to a research report published this morning, Canaccord Genuity has increased Foot Locker's

PT from $36 to $39. In the report, Canaccord Genuity said, "FL reported strong Q1 EPS of 0.83 vs. our estimate and consensus of $0.74, with upside coming from both comp growth and margin expansion that exceeded our expectations. We believe consistent momentum in the athletic footwear space coupled with robust gross margin expansion opportunities puts FL in a position to continue generating successive earnings beats through 2012. As such, we believe 2012 guidance that was increased to account for the Q1 beat appears conservative. With the product pipeline still strong, an improving apparel business, a long gross margin runway, and strong balance sheet ($5/share in net cash), we reiterate our BUY rating and raise our price target to $39 from $36." Foot Locker closed Friday at $30.33.