Foot Locker price target lowered to $28 from $34 at Guggenheim

Guggenheim analyst Robert Drbul lowered the firm’s price target on Foot Locker (FL) to $28 from $34 and keeps a Buy rating on the shares after the company reported Q3 adjusted diluted EPS of 33c, which was 7c below the firm’s estimate, leading the firm to turn more cautious given Q3 underperformance coupled with a heightened promotional environment. The firm is reducing its FY24 and FY25 EPS estimates to $1.25 and $1.80, respectively, from its $1.60 and $2.15 prior forecasts.