Foot Locker price target lowered to $19 from $22 at Jefferies

Jefferies lowered the firm’s price target on Foot Locker (FL) to $19 from $22 and keeps a Hold rating on the shares. Foot Locker outperformed expectations on comps, gross margin and adjusted EPS in Q4 as management highlighted that the Lace Up Plan is driving results, though consumers appear hesitant between peak moments, leading to a tempered outlook, the analyst tells investors. Foot Locker expects to be a net beneficiary of Nike’s (NKE) innovation, but the firm expects Nike’s aggressive promotions in its own channels to pressure Foot Locker profit in the near-term, the analyst added.