Foot Locker Picks FreedomPay Commerce Payment Solution, Shares Gain

Foot Locker has confirmed the implementation of FreedomPay’s leading-edge commerce platform across all its stores in the US. The implementation will allow the next level commerce platform to enable advanced, safe, and secure in-store consumer payments.

The touch-less capable payment system should allow Foot Locker (FL) customers to control their checkout experience. Customers will also enjoy the option of paying via contactless payment methods and digital wallets.

According to Foot Locker CEO of North America, Frank Bracken, FreedomPay’s integration underscores Foot Locker’s commitment to offering a more seamless customer experience.

Bracken stated, “Integrating a safe and secure payment solution within our stores is key to achieving that. By investing in solutions that address the needs of today’s digital world and look towards the future, we are improving the in-store experience while providing our customers greater flexibility.”

FreedomPay’s support comes at a time when customers worldwide are increasingly demanding tailored payment options. Customers are calling for payment systems which are safe and secure. FreedomPay boasts world-class technology backed by a suite of commerce solutions.

Foot Lockers shares are up about 47% year to date. (See Foot Locker stock analysis on TipRanks).

Berenberg Capital Market’s analyst Brian McNamara has downplayed the tailwinds Foot Locker has faced in recent months. According to the analyst, the tailwinds, including port delays and COVID-19 restrictions, are a thing of the past.

Likewise, the analyst has reiterated a Buy rating on Foot Locker and raised the price target to $67 from $54, implying 12% upside potential to current levels.

McNamara stated, “We are raising our estimates as we believe FL has proven to be a standout in Retail throughout the unprecedented adversity over the past 12 months and would recommend investors continue accumulating shares.”

Wall Street currently rates FL as a Moderate Buy based on 8 Buys and 6 Holds. An average analyst price target of $60.14 implies that shares are fully priced at current levels.

Foot Locker scores a 7 out of 10 on TipRank’s Smart Score rating system, signaling an expected neutral performance.

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