Camilio Lyon of Canaccord Genuity expects Foot Locker, Inc. FL comps to reaccelerate once the tax refund season kickstarts as athletic footwear trends remain strong.
The analyst also reiterated her Buy rating on the stock and raised price target to $87 after better-than-expected quarterly numbers.
The fourth-quarter results show positive store traffic in the United States, despite difficult retail environment. The analyst added that the company’s full-year guidance of mid-single digit comp and double digit EPS growth is undeterred.
Related Link: Foot Locker's CEO Explains The Importance Of Brick And Mortar Retail
“We believe this is reflective of a sound strategy that encompasses a built-in feedback mechanism to spot trends,” Lyon wrote in a note.
Lyon’s bullish thesis on the stock is based on strong product pipeline from key brands, store remodels, systems implementation and improving apparel profitability.
Shares of Footlocker closed Friday’s trading at $69.47. At last check on Monday, shares were up 1.34 percent at $76.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
