Foot Locker downgraded to Hold from Buy at Jefferies

Jefferies analyst Corey Tarlowe downgraded Foot Locker to Hold from Buy with a price target of $18, down from $28. The analyst believes U.S. consumers are likely to curtail spending ahead, with apparel and footwear being the most likely areas of pullback. The resumption of student loan repayments could be a catalyst that weighs further on already soft sales at some of the specialty apparel retailers, the analyst tells investors in a research note. Jefferies believes Urban Outfitters and Foot Locker could be affected and downgraded both stocks to Hold.