Goldman Sachs analyst Kate McShane lowered the firm’s price target on Foot Locker to $18 from $27 and keeps a Neutral rating on the shares. The analyst cites the company’s miss on comps despite in-line Q2 earnings and also notes that a softer demand trends in July and in the initial back to school season drove a more guarded outlook for the remainder of the year. In addition to a challenging macro environment, Foot Locker is facing ongoing headwinds from slower category momentum in “lifestyle running”, still-heavy inventory levels, and a more competitive promotional backdrop that is weighing on profitability, the firm tells investors in a research note.
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