Foot Locker price target raised to $38 from $31 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez raised the firm’s price target on Foot Locker to $38 from $31 and keeps an Outperform rating on the shares. The company’s upcoming earnings call will likely shed light on Q4 results, 2024 outlook, and long-term financial targets, the analyst tells investors. Despite a good holiday season, the U.S. athletic footwear market had a tough quarter, leading the firm to model a Q4 same-store sales decline and operating margin contraction. Looking ahead, the first half of 2024 is expected to remain challenging, but 2024 should be a more stable year than 2023, the firm concludes.