Foot Locker (NYSE:FL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $53.00 price objective on the athletic footwear retailer’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 8.85% from the stock’s previous close.
According to Zacks, “Investors gave thumbs up to Foot Locker’s third-quarter fiscal 2017 results, wherein both the top and bottom lines beat the consensus mark. This led the stock to take a huge leap and outpace the industry in a month. Clearly, the third-quarter results gave a fresh breath of life to the stock, which in the recent past had struggled on account of dismal performance in the preceding two quarters. However, analysts believe that the euphoria surrounding the stock may be short lived, as Foot Locker continues to register year-over-year decline in both sales and earnings per share. Management now expects comps to decline in the range of 2-4% in the final quarter with earnings per share projected to decrease in the band of 15-25%. Margins are also expected to remain under pressure. Nevertheless, the company is effectively managing inventory, investing in digital platforms, improving supply chain infrastructure and rationalizing store fleet.”
FL has been the subject of a number of other reports. Jefferies Group set a $61.00 price target on Foot Locker and gave the company a “buy” rating in a research note on Friday, November 17th. ValuEngine upgraded Foot Locker from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. B. Riley set a $40.00 target price on Foot Locker and gave the stock a “hold” rating in a research note on Monday, November 20th. Buckingham Research downgraded Foot Locker from a “buy” rating to a “neutral” rating in a research note on Monday, October 23rd. They noted that the move was a valuation call. Finally, Robert W. Baird reiterated a “hold” rating and set a $37.00 target price on shares of Foot Locker in a research note on Sunday, October 29th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $52.47.
Foot Locker (NYSE:FL) last posted its quarterly earnings results on Friday, November 17th. The athletic footwear retailer reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.82 billion. Foot Locker had a return on equity of 19.96% and a net margin of 6.79%. The business’s revenue was down .8% compared to the same quarter last year. During the same period last year, the company earned $1.13 earnings per share. equities analysts forecast that Foot Locker will post 4.08 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Afam Capital Inc. raised its holdings in shares of Foot Locker by 73.4% during the 3rd quarter. Afam Capital Inc. now owns 34,033 shares of the athletic footwear retailer’s stock worth $1,199,000 after buying an additional 14,409 shares in the last quarter. Highlander Capital Management LLC acquired a new position in Foot Locker in the 3rd quarter worth about $352,000. Cubist Systematic Strategies LLC increased its holdings in Foot Locker by 8.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 51,637 shares of the athletic footwear retailer’s stock worth $1,819,000 after purchasing an additional 3,981 shares in the last quarter. U S Global Investors Inc. acquired a new position in Foot Locker in the 3rd quarter worth about $321,000. Finally, Vident Investment Advisory LLC increased its holdings in Foot Locker by 95.6% in the 3rd quarter. Vident Investment Advisory LLC now owns 69,782 shares of the athletic footwear retailer’s stock worth $2,457,000 after purchasing an additional 34,103 shares in the last quarter. 89.85% of the stock is owned by hedge funds and other institutional investors.
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About Foot Locker
Foot Locker, Inc is a retailer of shoes and apparel. The Company operates through two segments: Athletic Stores and Direct-to-Customers. The Company is an athletic footwear and apparel retailer, which include businesses, such as include Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep and SIX:02.
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