Foot Locker, Inc. FL reported better-than-expected earnings for its second quarter.
The company reported a second-quarter FY22 sales decline of 9.2% year-on-year to $2.065 billion, missing the consensus of $2.07 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.80.
Foot Locker shares rose 20% to close at $38.39 on Friday, but lost 1.7% in today’s pre-market trading.
Several analysts made changes to their price targets on Foot Locker today.
- Morgan Stanley raised the price target on the stock from $24 to $36. Morgan Stanley analyst Kimberly Greenberger also upgraded the stock from Underweight to Equal-Weight.
- Telsey Advisory Group increased price target on the stock from $31 to $42. However, Telsey Advisory Group analyst Joseph Feldman maintained Foot Locker with a Market Perform.
- Goldman Sachs boosted Foot Locker’s price target $28 to $37. However, Goldman Sachs analyst Kate McShane maintained the stock with a Neutral.
- Cowen & Co. raised the price target on the stock from $29 to $35. However, Cowen & Co. analyst John Kernan maintained Foot Locker with a Market Perform.
- B of A Securities and Citigroup also upgraded the stock on Friday.
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