Foot Locker downgraded to Sell at UBS on softlines bearishness

As previously reported, UBS downgraded Foot Locker to Sell from Neutral with a price target of $30, down from $36. The firm has become "increasingly bearish" on softlines stocks and reduced its calendar 2023 EPS estimates across its coverage by 10%, on average. Its 2023 EPS estimates are now 13% below consensus for the average stock in its coverage in the space, the firm noted.