BTIG Research Lowers Foot Locker (NYSE:FL) Price Target to $42.00

Posted by on May 23rd, 2023

Foot Locker (NYSE:FL – Get Rating) had its price objective lowered by equities research analysts at BTIG Research from $53.00 to $42.00 in a note issued to investors on Sunday, The Fly reports. BTIG Research’s price objective suggests a potential upside of 52.01% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. Credit Suisse Group reaffirmed an “outperform” rating and issued a $62.00 price target on shares of Foot Locker in a report on Tuesday, March 21st. Guggenheim reissued a “buy” rating and set a $60.00 price objective on shares of Foot Locker in a report on Tuesday, March 21st. Wedbush reissued a “neutral” rating on shares of Foot Locker in a report on Tuesday, March 21st. Seaport Res Ptn reissued a “neutral” rating on shares of Foot Locker in a report on Tuesday, March 14th. Finally, Bank of America dropped their price objective on shares of Foot Locker from $48.00 to $45.00 in a report on Tuesday, March 21st. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.80.

Foot Locker Stock Performance

Shares of FL stock opened at $27.63 on Friday. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 10.71 and a beta of 1.23. The company’s 50 day moving average is $40.05 and its 200 day moving average is $39.61. The company has a quick ratio of 0.55, a current ratio of 1.57 and a debt-to-equity ratio of 0.14. Foot Locker has a 52-week low of $23.85 and a 52-week high of $47.22.

Foot Locker (NYSE:FL – Get Rating) last issued its quarterly earnings data on Friday, May 19th. The athletic footwear retailer reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.08). The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Foot Locker had a net margin of 3.91% and a return on equity of 14.57%. The business’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.60 earnings per share. On average, sell-side analysts anticipate that Foot Locker will post 2.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Investors Research Corp raised its holdings in Foot Locker by 1.5% in the 1st quarter. Investors Research Corp now owns 18,092 shares of the athletic footwear retailer’s stock valued at $718,000 after acquiring an additional 267 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Foot Locker by 2.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 10,853 shares of the athletic footwear retailer’s stock valued at $410,000 after acquiring an additional 279 shares during the last quarter. Perritt Capital Management Inc. raised its holdings in Foot Locker by 2.3% in the 1st quarter. Perritt Capital Management Inc. now owns 13,212 shares of the athletic footwear retailer’s stock valued at $524,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in Foot Locker by 1.0% in the 4th quarter. SummerHaven Investment Management LLC now owns 30,793 shares of the athletic footwear retailer’s stock valued at $1,164,000 after acquiring an additional 314 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in Foot Locker by 1.4% in the 1st quarter. Arizona State Retirement System now owns 24,331 shares of the athletic footwear retailer’s stock valued at $966,000 after acquiring an additional 330 shares during the last quarter. Institutional investors and hedge funds own 95.06% of the company’s stock.

Foot Locker Company Profile

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Foot Locker, Inc engages in the retail of athletic shoes and apparel. The firm uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates through following segments: North America, EMEA (Europe, Middle East, and Africa, and Asia Pacific.

Further Reading

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Analyst Recommendations for Foot Locker (NYSE:FL)

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