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In a report published Wednesday morning by Canaccord Genuity, analysts Camilo Lyon and Patrick O'Brien reiterated their Buy rating on Foot Locker (NYSE: FL) and raised their price target from $40 to $41.
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The report mentioned, "After our meeting with management on April 5, we came away believing that trends had not only maintained the HSD pace from when the company reported QTD trends in March 8th, but likely improved. Also, given the tougher weather challenges many retailers faced in Q1, we believe FL came out of Q1 in relatively good shape as the basketball category is less driven by weather. Running, however, can be impacted to unseasonable weather patterns. The more pressing macro issue during the quarter was the delay in tax refunds as ~75% of purchases are made with cash or debit cards. Once that temporary delay subsided, we believe comps reaccelerated. New basketball releases continue to drive solid demand. During Q1, we believe category strength was driven by both retro Jordan and Nike Lebron, Durant, and Kobe launches. According to the release calendar we track, we saw an increase in launches of 6% y/y coupled with an ASP increase of 12%, both of which should bode well for FL."
Foot Locker currently trades at $36.35.