Foot Locker price target lowered to $22 from $27 at Jefferies

Jefferies lowered the firm’s price target on Foot Locker (FL) to $22 from $27 and keeps a Hold rating on the shares after the company’s Q3 results underperformed Street expectations “across the board.” While management discussed strong back-to-school and Holiday seasons, controlled inventories, and encouraging data from FLX Rewards, promotions were more elevated and widespread than anticipated, particularly in Europe and Apparel, leading fiscal year guidance to be lowered, the analyst tells investors. The firm still believes Nike’s (NKE) storytelling and new product innovation cycle “remain a headwind” for Foot Locker, the analyst added.