Foot Locker price target lowered to $23 from $27 at JPMorgan

JPMorgan lowered the firm’s price target on Foot Locker (FL) to $23 from $27 and keeps an Underweight rating on the shares. The company reported a Q3 miss and lowered guidance, the analyst tells investors in a research note. The firm says management’s revised fiscal 2024 gross margin guidance now implies only 30% recapture of the 300 basis point merchandise margin headwind to fiscal 2023’s gross margin versus prior expectations of 60% recapture.