Foot Locker price target lowered to $17 from $25 at Baird

Baird lowered the firm’s price target on Foot Locker to $17 from $25 and keeps a Neutral rating on the shares. The firm said while the company appears to be making progress behind upgrading talent and pursuing key strategic priorities, working down elevated inventory will be key to the F2024E outlook, with consumer demand an additional uncertainty. Baird removed its Bearish Frsh Pick designation as they see the near-term downside risks appear to be better.