Foot Locker Q3 report to be positive share catalyst, says Citi
The Fly

Foot Locker Q3 report to be positive share catalyst, says Citi

Citi analyst Paul Lejuez anticipates a Q3 earnings beat when Foot Locker (FL) reports on December 4, driven by modestly stronger comps, gross margin and lower spending. The shares are down 30% since the Q2 report on fears of a Q3 comp miss, which Citi does not forecast, the analyst tells investors in a research note. The firm believes Foot Locker’s internal initiatives and a strong brand portfolio selling at full price against weak performance last year is driving a sequential Q3 improvement. It sees an attractive risk/reward into the report Q3 report, which it expects will be a positive catalyst for the stock, but keeps a Neutral rating on Foot Locker with a $33 price target

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