Argus keeps a Hold rating on Foot Locker, stating that while the company is resetting its business strategy under the direction of its new CEO with the goal of becoming a “destination for all things sneakers”, its earnings are also likely to be pressured over the near term by the weak economic environment and planned investments in the business. Argus is also cutting its FY24 EPS view on Foot Locker to 1.41 from $2.07.
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