Nike’s (NKE) Q3 results were slightly better than expectations but 9% lower year over year, and while the company is returning to its roots, the road to recovery won’t be immediate, which could continue to weigh on near-term performance at Foot Locker (FL), Jefferies analyst Corey Tarlowe tells investors in a research note. Jefferies believes the partnership between Nike and Foot Locker with the “Home Court” and “The Clinic” experiences are encouraging, but sees significant headwinds ahead. Jefferies has a Hold rating and $19 price target on Foot Locker shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FL:
- Closing Bell Movers: Nike falls to pandemic onset lows as guidance disappoints
- Foot Locker put volume heavy and directionally bearish
- Foot Locker price target lowered to $20 from $24 at Telsey Advisory
- Foot Locker’s Neutral Outlook Amid Strategic Shifts and Market Challenges
- Foot Locker price target lowered to $20 from $24 at Baird
Questions or Comments about the article? Write to editor@tipranks.com