Guggenheim analyst Robert Drbul assigned a Buy rating to Foot Locker Inc (NYSE: FL) today and set a price target of $60. The company’s shares opened today at $52.37.
Drbul said:
“We increase our FL PT to $60 from $51. 2017 was a difficult year for the company as sell-through of key items slowed and innovation was lacking, overall. We continue to look for an inflection to positive comps, beginning in 2Q18, led by innovation. FL has multiple ‘pitches to swing at’ in 2018, led by a strong upcoming product pipeline at Nike. Given the number of new and innovative products coming to market and subsequently scaling throughout 2018 (particularly at Nike), we believe the pipeline should support LSD% comp growth in 2H18. Among products that have come or are in the process of coming to market/scaling in 2018, we would note in particular the Epic React. Air VaporMax continues to be a solid performer and drives demand across the entire Air platform.”
According to TipRanks.com, Drbul is a 5-star analyst with an average return of 16.3% and a 79.9% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Lululemon Athletica Inc, and Ascena Retail Group.
Currently, the analyst consensus on Foot Locker Inc is Moderate Buy and the average price target is $53.14, representing a 1.5% upside.
In a report issued on May 22, Pivotal Research also assigned a Buy rating to the stock with a $57 price target.
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The company has a one-year high of $60.64 and a one-year low of $28.42. Currently, Foot Locker Inc has an average volume of 3.4M.
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock.
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Foot Locker, Inc. engages in the global retail of athletically inspired shoes and apparel. It operates through the Athletic Stores and Direct-to-Customers business segmens.
