Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
UBS maintains its Buy rating and sees 9 percent potential upside in Foot Locker, Inc. (NYSE: FL) shares ahead of the company’s third-quarter results on November 18.
Europe, America And SSS Figures
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The brokerage expects third-quarter EPS estimate of $1.10, in line with Street, on 5.1 percent same store sales (SSS) growth versus consensus’ 4.7 percent estimate. UBS sees upside to both as the company has some of the easiest compares in its coverage.
But, Europe may pose some headwinds as it laps tough high-teens SSS compare in the third quarter.
However, analyst Michael Binetti noted that Foot Locker can hit his 5 percent SSS global estimate even if Europe SSS is slow to flat in the third quarter from mid-single digits in the second quarter.
Looking ahead, Binetti believes the footwear retailer could guide mid-single-digit SSS growth and double digit EPS growth for FY 2017 with easy compares in the first half along with visible margin opportunities.
Comparison Within The Space
On the valuation front, Binetti said Foot Locker shares are cheap.
“FL's stock looks inexpensive with low P/E retail names outperforming recently. At 13.6x forward 4-qtr EPS, FL trades just 1-2 P/E pts above Kohl's Corporation (NYSE: KSS) & Macy's Inc (NYSE: M) — which have ongoing negative SSS,” Binetti wrote in a note.
Share Movement
With respect to share movement, there could be only limited upside given its recent 17 percent outperformance versus S&P 500 since the second-quarter report.
At last check, shares of Foot Locker rose 1.85 percent to $71.01, while Binetti has a price target of $76.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.