Foot Locker Stock Is Sliding: What's Going On?

Foot Locker Inc FL shares are trading lower Monday after several analysts cut price targets on the stock following the company's disappointing earnings results

Q1 Earnings: On Friday, Foot Locker reported worse-than-expected financial results. First-quarter revenue of $1.93 billion missed estimates of $1.99 billion and adjusted earnings of 70 cents per share fell short of estimates of 81 cents per share. The company also lowered guidance for full-year 2023.

Related Link: Foot Locker Q1 Earnings Reflects Tough Macroeconomic Conditions and Consumer Spending Trends, Says Analyst

Analyst Changes: Following the print, several analysts slashed price targets. Some analysts even downgraded the name.

  • William Blair analyst Sam Poser downgraded Foot Locker from Hold to Sell and lowered the price target from $38 to $25.
  • BTIG analyst Janine Stichter maintained Foot Locker with a Buy and lowered the price target from $53 to $42.
  • BofA Securities analyst Lorraine Hutchinson maintained Foot Locker with a Neutral and lowered the price target from $45 to $36.
  • Citigroup analyst Paul Lejuez downgraded Foot Locker from Buy to Neutral and lowered the price target from $48 to $30.
  • JP Morgan analyst Matthew Boss maintained Foot Locker with a Neutral and lowered the price target from $48 to $38.
  • TD Cowen analyst John Kernan maintained Foot Locker with a Market Perform and lowered the price target from $39 to $26.
  • Morgan Stanley analyst Kimberly Greenberger maintained Foot Locker with an Equal-Weight and lowered the price target from $33 to $30.

FL Price Action: Foot Locker shares were down 2.62% Monday morning after falling more than 27% in Friday's session, per Benzinga Pro.

Photo:  from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsDowngradesPrice TargetMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!