Foot Locker (FL) PT Bumped to $59 at Piper Jaffray Post Q4

Piper Jaffray analyst Erinn Murphy bumped her price target on Foot Locker (NYSE: FL) to $59.00 (from $57.00) following Q4 results but maintained a Neutral rating.

Murphy commented, "We are updating our model and maintaining our Neutral rating following the company's Q4 results. Excluding FX, inventory was up 6.6% exiting Q4 and comps in February were up MSD. On the call, management noted that basketball and running continued to grow +DD. They are pleased with brand Jordan and seeing good traction from UA's Curry One. However, apparel continues to be a drag and was down LSD. FY16 EPS were guided above the Street at +DD, or >15% ex FX pressure. As such, we are raising our estimates and our PT moves from $57 to $59 on our unchanged 15x FY16E EPS multiple. On a 12-month basis, we believe shares will likely trade within a range and we see financial outperformance as harder to achieve given the company is up against peak margins and increasingly challenging comparables."

The analyst lifted FY 2016 EPS from $3.80 to $3.92 and maintained FY 2017 EPS at $4.32.

For an analyst ratings summary and ratings history on Foot Locker click here. For more ratings news on Foot Locker click here.

Shares of Foot Locker closed at $59.37 yesterday.

You May Also Be Interested In

• Incyte (INCY) PT Raised to $105 at Truist Securities
• UnitedHealth Group (UNH) PT Lowered to $197 at TD Cowen
• Definium Therapeutics Inc (DFTX) PT Raised to $60 at Oppenheimer