Foot Locker: shares continue slump after UBS downgrade.
(CercleFinance.com) - Foot Locker continued to slump on Monday after UBS downgraded its rating on the stock from "buy" to "neutral," slashing its target price from 70 dollars to 37 dollars.
In a research report, UBS said the athletic clothing retailer's Q2 results were "worse than we expected, making it much tougher to support a thesis that athletic retailers will be able to sidestep emerging structural challenges."
On a more upbeat note, Susquehanna maintained it "positive" rating on the stock, albeit lowering its target price sin similar proportions, from 75 dollars to 40 dollars, noting that the "worst is now behind this best-in-class retailer."
After plummeting 28% on Friday, the shares were down 3% at 33.3 dollars in New York on Monday.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In a research report, UBS said the athletic clothing retailer's Q2 results were "worse than we expected, making it much tougher to support a thesis that athletic retailers will be able to sidestep emerging structural challenges."
On a more upbeat note, Susquehanna maintained it "positive" rating on the stock, albeit lowering its target price sin similar proportions, from 75 dollars to 40 dollars, noting that the "worst is now behind this best-in-class retailer."
After plummeting 28% on Friday, the shares were down 3% at 33.3 dollars in New York on Monday.
Copyright (c) 2017 CercleFinance.com. All rights reserved.