Foot Locker: Jefferies cuts TP

(CercleFinance.com) - Jefferies maintains its buy rating on Foot Locker shares, while reducing its target price for them to $37 (from $47), based on the retailer's Q1 results.


The analyst said that Foot Locker reported weaker-than-expected Q1 results, with revenue of about $1.93bn, below the consensus.

As a result, Foot Locker reduced its outlook for FY revenue, margin and EPS.

However, Jefferies believes that with its healthy balance sheet, strong relations with key suppliers and new product offerings, Foot Locker should benefit from the buoyant environment in the athletic footwear and apparel sector.


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