Telsey Advisory lowered the firm’s price target on Foot Locker (FL) to $24 from $30 and keeps a Market Perform rating on the shares. The company’s Q3 results showed that while the company is making progress on elements on its Lace Up Plan, refreshing its stores, enhancing its omni-channel experience, and relaunching its loyalty program, Foot Locker’s results are still heavily influenced by the momentum for Nike and promotional activity from the brands, the analyst tells investors. The reduction of Foot Locker’s 2024 guidance marks a step back on the company’s turnaround and the firm expects the stock to remain range-bound until there is no clarity on the company’s financial assumptions for 2025.
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Read More on FL:
- Foot Locker price target lowered to $20 from $21 at Williams Trading
- Foot Locker upgraded to Hold from Sell at Williams Trading
- Foot Locker price target lowered to $25 from $30 at BofA
- Foot Locker price target lowered to $22 from $26 at UBS
- Foot Locker price target lowered to $28 from $34 at Guggenheim
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