Citi Reiterates Foot Locker Buy (FL)

Citi reiterated its Foot Locker FL Buy rating in a research report published today. Citi has previously set Foot Locker's price target at $24. In the report, Citi states, "Risk/Reward also appears good on downside scenario ~$16 at 15x at a ~4.5% op margin & technical trough Nov 2010 of vs. current $17 stock (see Figure 2). In our view, FL = great LT play which will deliver accelerating EPS on con't comp momentum & gross margin upside on robust footwear cycle." Shares of Foot Locker were at $17.76 in after hours trading at the time of posting, reflecting no change from Thursday's market close.