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Foot Locker upgraded to Buy from Neutral at Citi
The Fly

Foot Locker upgraded to Buy from Neutral at Citi

Citi analyst Paul Lejuez upgraded Foot Locker (FL) to Buy from Neutral with a price target of $50, up from $47. Following a big Q4 beat, management "significantly lowered the bar" for fiscal 2023, laying the groundwork for beats and raises all year, the analyst tells investors in a research note. The firm says Foot Locker’s flagship banner is "very healthy" while its relationship with Nike (NKE) "seems in much better shape than previously expected." It believes new CEO Mary Dillon is "doing the right things" by shifting stores off-mall and focusing on loyalty and digital. Citi believes the stock’s risk/reward is favorable at current levels.

Published first on TheFly

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