JP Morgan Initiates Coverage on Foot Locker, Trading Up 3%

In a report released Monday, JP Morgan analyst Matthew Boss initiated an Overweight rating on Foot Locker

with a price target of $47. The report states, "FL's total return algorithm should approach mid-teens the next three years driven by mid-single-digit top-line growth and ~100bps of EBIT margin expansion equating to low-doubl-digit EPS growth combined with a ~2% dividend yield." FL closed on Friday at $37.47 and is currently trading up at $38.57.