Foot Locker price target raised to $22 from $20 at Citi

Citi raised the firm’s price target on Foot Locker to $22 from $20 and keeps a Sell rating on the shares. The analyst anticipates a Q4 earnings beat versus consensus when the company reports on March 6, driven by stronger compare of down 6% versus estimates of down 8%. Investor focus will be on Q4 inventory and the initial 2024 guidance, which Citi expects to be conservative given the challenges facing Foot Locker’s business, the analyst tells investors in a research note. At current levels, the firm believes the stock’s risk/reward skews to the downside.