Foot Locker initiated with a Buy at BTIG

BTIG analyst Janine Stichter initiated coverage of Foot Locker (FL) with a Buy rating and $55 price target. The analyst believes that the company’s new CEO Mary Dillon could be a "catalyst for change" and comes at a critical juncture as Foot Locker accelerates its assortment diversification efforts to offset reduced allocations from Nike (NKE). While Foot Locker faces some near-term bumpiness, the new leadership should make it a healthier, more nimble company with access to a broader customer base, the firm tells investors in a research note.