Foot Locker price target lowered to $16 from $17 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Foot Locker (FL) to $16 from $17 and keeps an Underweight rating on the shares. The company’s Q3 miss and FY guidance cut reinforces the firm’s skepticism around a potential turnaround and leaves more for the bears to point to, the analyst tells investors in a research note. The firm continues to see risk to full-year and mid-term street EPS, thus resulting in a lowered price target