UPDATE: Goldman Sachs Initiates Foot Locker at Buy on Execution

Goldman Sachs initiated coverage on Foot Locker FL with a Buy rating and a $39 price target. Goldman Sachs noted, "FL shares are up 200% since 2010 on the back of a strong athletic footwear product cycle and impressive execution under the leadership of CEO Ken Hicks. While 2013 category growth is likely to moderate against an anomalous 2012, we still expect a healthy mid/high-single-digit growth rate driven by improving basketball trends. Management's delicate balance of investments and earnings flowthrough, combined with an industry leading dividend yield, should be enough to drive outperformance for another year, in our view." Foot Locker closed at $34.88 on Monday.