Needham initiated coverage of Foot Locker (FL) with a Buy rating and $27 price target. The firm sees “a compelling earnings-recovery story for 2025” and views the company as poised to see fundamental improvement in the coming years. This is driven by a re-invigorated relationship with Nike (NKE), continued momentum in non-Nike brands, leveraging of recent SG&A investments, and continued recovery of the merchandise margin, the analyst tells investors.
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