Baird's Foot Locker HQ Meeting Takeaways: Comfortable & Confident

Baird's Benjamin Bray reiterated

Outperform rating with a $78.00 price target. The reiteration came after the analyst met with John Mauer, Treasurer and Investor Relations at the company's new headquarters. Despite pressured basketball sales, Footlocker management believes they will cater successfully to all rising casual shoe trends. Although FQ1 comparable store sales of +2.9% was slightly below Footlocker's internal expectations, "management remained confident in Foot Locker's ability to remain highly relevant in whichever footwear category is strongest for its core customer and in its ability to continue to leverage its superior relationships with key vendors" said Bray. At the time of writing, Foot Locker traded at $55.02, down 1.20%