Pivotal Research analyst Mitch Kummetz reiterated a Buy rating on Foot Locker Inc (NYSE: FL) today and set a price target of $64. The company’s shares closed on Friday at $50.70.
Kummetz observed:
“We’re modeling 2Q18 and FY18 in line with guidance. We remain optimistic that the year will be better than FL’s plan, as the product pipeline improves, down-trending franchises become less of a pressure point, and margins recover on cleaner inventory.”
According to TipRanks.com, Kummetz is a 2-star analyst with an average return of 0.1% and a 55.9% success rate. Kummetz covers the Services sector, focusing on stocks such as Shoe Carnival, Genesco Inc, and Tilly’s Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Foot Locker Inc with a $59.07 average price target, representing a 16.5% upside. In a report issued on August 17, Canaccord Genuity also reiterated a Buy rating on the stock with a $66 price target.
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Based on Foot Locker Inc’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $2.03 billion and net profit of $165 million. In comparison, last year the company earned revenue of $1.7 billion and had a net profit of $51 million.
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Foot Locker, Inc. engages in the retail of athletic shoes and apparel. It operates through the Athletic Stores and Direct-to-Customers segments. The Athletic Stores segment sells athletic footwear and apparel under the Foot Locker, Lady Foot Locker, SIX:02, Kids Foot Locker, Champs Sports, Footaction, Runners Point, and Sidestep brands.
