Guggenheim lowered the firm’s price target on Foot Locker to $23 from $50 and keeps a Buy rating on the shares. The firm has reduced its FY23 and FY24 EPS estimates to $1.40 and $2.65 from $2.15 and $3.50, respectively, citing softer sales trends that continued well into August, including a weaker back-to-school start, as well as additional markdown pressures.
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