UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Foot Locker, Inc. on Pace for Solid 2015

In a report published Monday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating on

, and raised the price target from $61.00 to $70.00. In the report, Canaccord Genuity noted, "FL reported solid 4Q EPS of $1.00 vs. our 92c estimate and consensus of 91c. The beat resulted from much stronger than expected comp growth of 10.2% (vs. our 6% estimate) and resulting expense leverage. Comps were driven by footwear (+teens, led by basketball and running), partly offset by apparel (-LSD with main weakness stemming from FL Europe and Champs). As anticipated, FX pressure intensified during the quarter diminishing EPS by 2c. Gross margin expanded by 42bps, resulting from occupancy leverage and lower markdowns, partly offset by FX headwinds and higher shipping costs. Overall, 4Q marked a very strong finish to the year for FL." Foot Locker, Inc. closed on Friday at $59.38.