FL - Foot Locker Gains From Growing Strategic Brands: Analyst Sees Strength In Community And Power Stores | Benzinga
Telsey Advisory Group analyst Cristina Fernández reiterated an Outperform rating on Foot Locker, Inc. (NYSE: FL), raising the price target to $31 from $22.
The analyst writes that Foot Locker's 3Q23 result and revised 2023 guidance showed that trends did not get worse during the quarter (as many other retailers cited).
The company's high promotional activity was reflected in its prior guidance and was not incremental due to a soft consumer environment, Fernández adds.
In addition, Foot Locker is getting greater vendor support to clear inventory and end the year with inventory dollars flat to slightly down.
The analyst is particularly ...