Pivotal Research analyst Mitch Kummetz reiterated a Buy rating on Foot Locker Inc (FL) today and set a price target of $53. The company’s shares closed last Monday at $39.57, close to its 52-week low of $36.82.
Kummetz said:
“We feel like 2Q19 was a mixed bag, with the puts/takes likely adding up to an in-line quarter. Probably the best news for FL is that, unlike many other retailers, the company has minimal weather exposure, so unforeseen margin pressure seems unlikely. We suspect that running was FL’s strongest comping footwear category, driven by solid Nike Air Max performance, the releases of a sequential uptick in adidas Boost. We also suspect that casual footwear was positive, albeit not as strong as last quarter, as Yeezy likely performed well, but Champion appear to have slowed.”
According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 1.9% and a 53.3% 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 $56.67 average price target, implying a 44.2% upside from current levels. In a report released yesterday, Deutsche Bank also maintained a Buy rating on the stock with a $63 price target.
See today’s analyst top recommended stocks >>
Foot Locker Inc’s market cap is currently $4.34B and has a P/E ratio of 8.25. The company has a Price to Book ratio of 1.72.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
