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Foot Locker: Jefferies corrects target price

( - An analyst at Jefferies today corrected his target price for the Foot Locker share, reducing his estimates due to the coronavirus epidemic.

Jefferies has therefore cut its target price from 48 dollars to 37 dollars. However, the broker maintains its buy rating, sayings that its valuation is too cheap to be ignored.

"We see incremental pressure to 1Q EPS, as int'l COVID-19 situation has deteriorated. While mgmt could not comment on current business trends, they acknowledged that the environment had devolved significantly since the company guided F'21 just two weeks ago," Jefferies said.

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