Foot Locker initiated with an Accumulate at Gordon Haskett

Gordon Haskett initiated coverage of Foot Locker with an Accumulate rating and $27 price target The company’s “Lace Up” strategy under CEO Mary Dillon has not been smooth, but the fiscal 2023 headwinds are behind it and fiscal 2024 is showing signs of improvement, the analyst tells investors in a research note. In addition, the firm says Foot Locker’s Nike assortment headwind is abating while the company’s expanding vendor base adds diversification, with new brands attracting underpenetrated demographics.