Foot Locker price target lowered to $21 from $30 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Foot Locker (FL) to $21 from $30 and keeps an Equal Weight rating on the shares. The company’s second consecutive 30%-plus fiscal year guidance cut “overshadows” an in-line Q2 report and the stock “could remain range-bound” through the second half, the analyst tells investors. The firm approaches even lowered FY23 guidance “skeptically” because of a number of recent management changes, the consecutive guidance cuts, an inability to discount the Nike (NKE) pullback magnitude, ongoing bloated inventory levels internally and industry-wide and “other uncertainties,” the analyst added.