Jefferies, which initiated coverage of Foot Locker, Inc. FL, is providing some color on the stock.
“FL is riding a powerful running and basketball sneaker trend with margins in an upward trajectory against a tight expense and inventory backdrop,” Jefferies writes. “Cost inflation seems manageable, while a 3% dividend yield and share repurchases provide valuation support. Nevertheless, a looming NBA lockout creates uncertainty, leaving us on the sidelines until a new collective bargaining agreement is reached.”
Foot Locker closed Thursday at $23.87.
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