Foot Locker price target raised to $31 from $17 at BofA

BofA analyst Lorraine Hutchinson raised the firm’s price target on Foot Locker to $31 from $17 and keeps a Neutral rating on the shares. The firm expects earnings to improve in FY25 and beyond and now applies a higher valuation to FY24 earnings to reflect the potential for inflection off a low base, but it remains Neutral-rated as BofA thinks risks to the medium-term plan are balanced by improving near-term trends.