Foot Locker price target raised to $24 from $20 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Foot Locker to $24 from $20 and keeps an Equal Weight rating on the shares. The post-earnings move up in shares was a function of a better-than-feared Q1 result and guidance reiteration, some evidence of Lace Up Plan effectiveness in Q1, and a clearer line of sight into a positive comp inflection in Q2, the analyst tells investors. The “outsized move feels like somewhat of an over-correction to us,” added the firm, which contends that Foot Locker remains a “show-me” story.