UPDATE: Bank of America Raises PO on Foot Locker on Improved Athletic Outlook

In a report published Friday, Bank of America analyst Robert Ohmes raised Foot Locker, Inc. FL price objective from $43.00 to $45.00.

According to the report, FL’s current price objective is 13 to 14 times the F2016 EPS estimate of $3.30. The move to raise it was due in part to improving cold weather category and improving athletic footwear outlook.

“Risks are slower growth globally pressuring further top line deceleration particularly in China, a more muted GM outlook due to FX pressure in Europe, and a rotation out of NKE into consumer discretionary names with more earnings recovery potential,” the report said.

FL closed Thursday at $41.05.