Williams Trading Maintains Foot Locker (FL) at Hold

Williams Trading analyst Sam Poser maintains Foot Locker (NYSE: FL) at Hold with a price target of $20.00 (from $21.00).

​The analyst comments "Cutting estimates, and lowering PT from $21 to $20 post a 3Q24 miss and a FY24 guidance cut. FL's confidence, on the 2Q24 earnings call that improved allocations from Nike (NKE-Buy-$97 PT) would drive and an acceleration in sales trends in 2H24, proved unfounded. Strong sales during back-to-school led to a HSD comp increase in September. Once the BTS event was over comps turned negative for the balance of the quarter. 3Q24 SSS increased 2.4% (Consensus: +3.2%), disappointed FL management, and decelerated from 2Q24, despite improving merchandise assortments, an updated loyalty program and significant updates to the store base."

For an analyst ratings summary and ratings history on Foot Locker click here. For more ratings news on Foot Locker click here.

Shares of Foot Locker closed at $22.02 yesterday.

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