Foot Locker price target raised to $31 from $22 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez raised the firm’s price target on Foot Locker to $31 from $22 and keeps an Outperform rating on the shares. The company’s Q3 results and revised FY23 guidance demonstrates trends did not get worse during the quarter and is getting great vendor support to clear inventory, the analyst tells investors. Telsey is encouraged by the improvement in sales trend through the quarter and the better trend continuing in November. Looking into 2024, the firm sees several areas of uncertainty, but Street expectations are low for 2024 and with lapping headwinds from banner closures in 2023 and potential company-specific actions, the firm maintains a positive stance on the stock.