Foot Locker price target lowered to $22 from $36 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez lowered the firm’s price target on Foot Locker to $22 from $36 and keeps an Outperform rating on the shares. Fiscal year 2023 is proving to be a “more challenging year” than the firm anticipated and has weakened the company’s credibility, the analyst tells investors. The firm does remain positive looking out 12 months ahead, believing the new leadership has the potential to improve the company’s market positioning and restore profitability in 2024-2025.