Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Foot Locker's Turnaround Story Stands Out, Analyst Suggests Stronger Than Retail Peers

Published 14/12/2023, 17:09
© Reuters.  Foot Locker's Turnaround Story Stands Out, Analyst Suggests Stronger Than Retail Peers
FL
-

Benzinga - by Priya Nigam, Benzinga Staff Writer.

Shares of Foot Locker Inc (NYSE: FL) continued to climb after spiking last month on strong quarterly earnings.

The company’s turnaround story has stronger prospects than others in the retail sector, according to Piper Sandler.

The Foot Locker Analyst: Abbie Zvejnieks upgraded the rating for Foot Locker from Neutral to Overweight, while raising the price target from $24 to $33.

The Foot Locker Thesis: The company is best positioned among its peers for the next six to 12 months and could expand its operating margins by more than 180 basis points in 2024, Zvejnieks said in the upgrade note.

Check out other analyst stock ratings.

“We have heard some early commentary that the lower income consumer may be beginning to recover from when spending was significantly pressured by inflation,” the analyst wrote.

While industry-wide inventory levels “should be healthier” by year-end, Foot Locker may “bring in newness and pivot the assortment to give consumers trending product from brands such as New Balance, Adidas, and Nike,” Zvejnieks stated. The newness “should lead to a favorable mix of full price sales” in 2024, she added.

FL Price Action: Shares of Foot Locker were up 8.7% to $31.03 at the time of publication Thursday.

Now Read: SEC Vs. Elon: Regulator Seeks Further Answers On Twitter Takeover, Musk's Lawyers Say It's 'Harassment'

Photo: Shutterstock

Latest Ratings for FL

Mar 2022Argus ResearchDowngradesBuyHold
Mar 2022BarclaysDowngradesOverweightUnderweight
Mar 2022B. Riley SecuritiesDowngradesBuyNeutral

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.