(News Bulletin 247) – Jefferies maintains its buy rating on Foot Locker stock with a price target lowered from $47 to $37, given the retailer’s first quarter results.
The analyst indicates that Foot Locker announced weaker than expected results in the first quarter, with revenues of around 1.93 billion dollars, below consensus.
As a result, Foot Locker revised its full-year outlook for revenue, margin and EPS down.
Still, Jefferies believes that with its healthy balance sheet, strong relationships 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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