Evercore ISI analyst Michael Binetti upgraded Foot Locker (FL) to Outperform from In Line with a price target of $32, up from $28. The firm cites meetings with Foot Locker’s management team last week, the firm’s own channel checks from across the U.S. and Europe athletic specialty channel, and comments from the brands, especially Nike (NKE), that suggest there will be “the most significant investment behind the specialty athletic retail channel that we’ve seen in years.”
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