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UPDATE: Piper Jaffray Initiates Foot Locker with Overweight on Strong Cash Flow Dynamics, Attractive Valuation

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In a report published Friday, Piper Jaffray analyst Sean P. Naughton initiated coverage on Foot Locker (NYSE: FL) with an Overweight rating and $39.00 price target.

In the report, Naughton noted, “We are initiating coverage of Foot Locker with an Overweight rating and $39 price target given its strong brand positioning with core consumers as a preferred destination to purchase athletic footwear as evidenced by our survey work with teens and adults. Our thesis is also predicated on a very strong balance sheet, valuation at a discount to its historical multiple, and demonstrated excellence in setting realistic long term goals and achieving them. We believe the strong connection with the core customer, real estate optimization, and balanced approach to capital deployment will continue to deliver solid shareholder returns.”

Foot Locker closed on Thursday at $33.76.

Latest Ratings for FL

DateFirmActionFromTo
Feb 2016Credit SuisseAssumesNeutral
Jan 2016Bank of AmericaUpgradesNeutralBuy
Jan 2016Deutsche BankMaintainsBuy

View More Analyst Ratings for FL
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Initiation Analyst Ratings

 

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