Foot Locker price target lowered to $24 from $25 at Needham

Needham lowered the firm’s price target on Foot Locker (FL) to $24 from $25 and keeps a Buy rating on the shares. The firm maintains its view that Foot Locker is a compelling turnaround story, but given the ongoing promotional activity in the marketplace, as evidenced by negative preannouncements from JD Sports and Puma, the pace of the turnaround will be slower than we previously thought, the analyst tells investors in a research note.