Credit Suisse analyst Michael Binetti upgraded Foot Locker (FL) to Outperform from Neutral with a price target of $62, up from $38. The analyst thinks sentiment on the stock remains "overly bearish" and focused on the negative thesis of Nike (NKE) pulling back from Foot Locker. Credit Suisse, however, sees consistent evidence that the Nike relationship is improving, and is increasingly convinced that the planned pullback from Foot Locker will be far less damaging than initially expected. Since new CEO Mary Dillon started, the company has seen "consistent signals that the relationship has entered a more collaborative phase," writes the analyst.
Published first on TheFly
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