Foot Locker initiated with a Neutral at Piper Sandler

Piper Sandler analyst Abbie Zvejnieks initiated coverage of Foot Locker with a Neutral rating and $19 price target. The analyst acknowledges “compelling changes” within the the company’s portfolio and management team, but awaits signs of execution amidst a challenging macro environment. Forecasting and inventory management have been a challenge for Foot Locker, and as the company’s lower income consumer has pulled back on discretionary spending, inventory has increased which could lead to the continued use of promotions to support the business, the analyst tells investors in a research note.