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UPDATE: Goldman Sachs Raises PT on Foot Locker to Reflect Innovation Cycle

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In a report published Friday, Goldman Sachs analyst Taposh Bari reiterated a Buy rating on Foot Locker (NYSE: FL), and raised the price target from $40.00 to $41.00.

In the report, Goldman Sachs noted, “We are raising price targets on FL and FINL, justifying a slightly higher multiple ahead of a host of new product launches for back-to-school. Our new price targets offer 16% upside for FL and 2% upside for FINL. Our annual EPS estimates remain unchanged. We expect investors to re-rate FL and FINL closer to their historic averages as a rich athletic footwear product pipeline re-engages consumers for backto-school and Holiday. Specific examples of innovation include 1) the continued commercialization of Nike Flyknit, with a reacceleration of North American reported futures sales as evidence, 2) new platforms Boost and Spring Blade by Adidas and 3) the anniversary of 30% declines at Reebok (1 year) and Puma (2 years).”

Foot Locker closed on Wednesday at $35.44.

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: Goldman Sachs Taposh BariAnalyst Color Price Target Analyst Ratings

 

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