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.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FL:
- Best Buy upgraded, Nike downgraded: Wall Street’s top analyst calls
- Citi upgrades Foot Locker to Neutral on Nike strategy change
- Foot Locker upgraded to Neutral from Sell at Citi
- Williams Trading sees Dick’s Sporting taking share, upgrades to Buy
- Foot Locker appoints Cindy Carlisle as Chief Human Resources Officer