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UPDATE: Credit Suisse Initiates Foot Locker at Outperform on Store Traffic

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Credit Suisse initiated its coverage on Foot Locker (NYSE: FL) with a rating of Outperform and a $43 price target.

Credit Suisse said, "Key Investment Points: (1) Strong footwear cycle is sustainable near-term and FL is best positioned to benefit; (2) store checks show progress in Lady Foot Locker and other banners; (3) international is faring better than feared and provides a significant growth opportunity over the long term; (4) potential upside to margins from better apparel, systems improvements, and labor efficiencies; and (5) building cash could lead to an increase in dividend payments or greater share buybacks. These factors point to low teens/mid-teens EPS growth versus the Street's 11% longer term estimate. "

Foot Locker closed at $36.33 on Thursday.

Latest Ratings for FL

DateFirmActionFromTo
Jul 2015Deutsche BankMaintainsBuy
Jul 2015B. RileyInitiates Coverage onNeutral
Jul 2015B. Riley Initiates Coverage onNeutral

View More Analyst Ratings for FL
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Initiation Intraday Update Analyst Ratings

 

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