Market Overview

Foot Locker Added To 'Best Ideas' List At Wedbush

Share:
Foot Locker Added To 'Best Ideas' List At Wedbush
Related FL
Toy Story: Bank Of America Bullish On Funko's 2019 Opportunities
Even After Its Huge Earnings Pop, Expect Shares Of Foot Locker To Keep Rising This Week

Foot Locker Inc (NYSE: FL) sentiment continues to strengthen after the stock was named a "best idea" by Wedbush.  

The Analyst 

Analyst Chris Svezia maintains an Outperform rating and $59 price target on Foot Locker. 

The Thesis

Foot Locker’s stock was negatively impacted by an intense promotional environment prompted by poor trends in basketball, declining sales of legacy franchises and insufficient allocations of popular Nike styles in the second half of 2017, Svezia said in a note. (See the analyst's track record here.) 

While the promotional environment persists into 2018, “comp sales have been better than feared, albeit negative, and we argue that the outlook for Nike is more favorable in terms of product and allocation for the year ahead, which should drive improvement at Foot Locker,” the analyst said. 

Nike is set to release its highly anticipated Epic React Flyknit shoe Feb. 22. 

With Foot Locker purchasing over 60 percent of its merchandise from Nike Inc (NYSE: NKE), the athleticwear company’s improving stature will be followed closely by Foot Locker investors when it reports results in mid-March. Foot Locker is set to report its fourth-quarter earnings March 2.

Price Action

Foot Locker shares were down 2.85 percent at $47 Monday afternoon. 

Related Links:

Foot Locker Scores Another Upgrade As New Basketball Releases Resonate

Citi Names 'Controversial' Foot Locker As Its Top Footwear, Apparel Pick

Latest Ratings for FL

DateFirmActionFromTo
Nov 2018CitigroupMaintainsBuyBuy
Nov 2018Credit SuisseMaintainsOutperformOutperform
Nov 2018JefferiesMaintainsBuyBuy

View More Analyst Ratings for FL
View the Latest Analyst Ratings

Posted-In: Athleticwear Chris Svezia WedbushAnalyst Color News Price Target Reiteration Analyst Ratings Best of Benzinga

 

Related Articles (FL + NKE)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
DLTRBernsteinUpgrades0.0
CNPUBSUpgrades34.0
UGIUBSDowngrades63.0
ATOUBSDowngrades106.0
CSCONomuraDowngrades50.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Vetr Crowd Upgrades Nvidia To Buy

Mid-Afternoon Market Update: Dow Tumbles Over 400 Points; Crude Oil Down 2%