Guggenheim Sticks to Their Buy Rating for Foot Locker Inc (FL)


In a report released today, Robert Drbul from Guggenheim reiterated a Buy rating on Foot Locker Inc (FL), with a price target of $45. The company’s shares closed last Monday at $34, close to its 52-week low of $33.75.

Drbul commented:

“We acknowledge the headwinds facing the business (rise of DTC, substantial physical store presence), but we believe shares deserve a more premium multiple from today given a strong balance sheet and our belief positive comps in the back half of 2019 are achievable. We do lower our PT to $45 from $60.”

According to TipRanks.com, Drbul is a 5-star analyst with an average return of 7.0% and a 63.2% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Capri Holdings Limited, and Ascena Retail Group.

Currently, the analyst consensus on Foot Locker Inc is a Moderate Buy with an average price target of $53.67, a 45.0% upside from current levels. In a report issued on August 19, Deutsche Bank also maintained a Buy rating on the stock with a $63 price target.

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The company has a one-year high of $68 and a one-year low of $33.75. Currently, Foot Locker Inc has an average volume of 4.1M.

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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.

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