Citi Raises FL PT To $26

Citi has issued a report raising the Price Target of Foot Locker FL from $25 to $26 a share. According to the report, “We see continued outstanding sales momentum in April on a combination of compelling basketball shoe launches, lightweight running products (new entrants, Nike Free platform, and Nike Air Max 2011), and Easter/weather shift. We also believe FL is on track to realize better margins through improved apparel execution (i.e. Under Armour Charged Cotton product).” FL is Buy rated and closed at $20.60 a share yesterday.