Market Overview

Credit Suisse Bullish On Foot Locker After Investor Day

Credit Suisse Bullish On Foot Locker After Investor Day

Foot Locker, Inc. (NYSE: FL) is receiving some positive analyst coverage after hosting an analyst day Thursday.

The Analyst 

Credit Suisse analyst Michael Binetti maintained an Outperform rating on Foot Locker and raised the price target from $75 to $77.

The Thesis:

Binetti said he's impressed with Foot Locker’s top-line strategy and myriad of new initiatives, including the FLX loyalty program set to launch in late 2019; store growth; and investments in new digitally savvy concepts.

Foot Locker’s new stores will be more efficient, so selling square footage should grow by low single digits, the analyst said in a Friday note. 

“With [average unit retail] up [by double digits] in the fourth quarter — and comments that full-price selling is near peak — the key top-line variable will be driving unit growth once AURs inevitably slow. In the near-term, we’re encouraged FL reiterated [mid-single digit same-store sales] growth in the first quarter." 

The biggest swing factor in Foot Locker’s entire plan will be creating buy-in that the company can pivot from AUR-driven same store sales growth today to more unit-driven growth, Binetti said. 

The analyst said he likes the company’s combination of quality earnings growth and attractive valuation.

Price Action:

Foot Locker shares were down 0.13 percent at $60.30 at the time of publication Friday. 

Related Links:

What The Kaepernick Campaign Means For Nike

Retail Analyst: Foot Locker, Skechers And Steve Madden Poised To Run Higher

Photo by Dwight Burdette/Wikimedia. 

Latest Ratings for FL

Aug 2019MaintainsNeutral
Aug 2019ReiteratesBuy
Aug 2019MaintainsOutperform

View More Analyst Ratings for FL
View the Latest Analyst Ratings

Posted-In: Credit Suisse Footwear Michael Binetti retailAnalyst Color Price Target Reiteration Analyst Ratings Best of Benzinga


Related Articles (FL)

View Comments and Join the Discussion!

Latest Ratings

ADBECleveland ResearchInitiates Coverage On283.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
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.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Preparing For Toronto: Cannabis LP Executives To Talk About The Canadian Market

Mid-Day Market Update: Boxlight Jumps After Q4 Results; ENDRA Life Sciences Shares Plunge