Foot Locker Gets Price Target Cuts By Analysts Following Downbeat Earnings

Foot Locker Inc FL reported worse-than-expected first-quarter results and lowered its FY23 guidance.

Foot Locker reported first-quarter FY23 sales decline of 11.4% year-on-year to $1.93 billion, missing the analyst consensus estimate of $1.99 billion. Adjusted EPS of $0.70 missed the analyst consensus of $0.81.

Foot Locker shares fell 27.2% to close at $30.21 on Friday and lost 1.7% in today’s pre-market trading session.

These analysts made changes to their price targets on Foot Locker following earnings announcement.

• Williams Trading cut the price target on Foot Locker from $38 to $25. William Blair analyst Sam Poser downgraded the stock from Hold to Sell.
• BTIG slashed the price target on Foot Locker from $53 to $42. BTIG analyst Janine Stichter maintained a Buy rating
• B of A Securities lowered Foot Locker price target from $45 to $36. B of A Securities analyst Lorraine Hutchinson maintained a Neutral rating.
• Telsey Advisory Group cut Foot Locker price target from $50 to $36. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• Barclays cut the price target from $42 to $31. Barclays analyst Adrienne Yih maintained Foot Locker with an Equal-Weight.
• Citigroup cut the price target from $48 to $30. Citigroup analyst Paul Lejuez downgraded Foot Locker from Buy to Neutral.
• JP Morgan lowered the price target from $48 to $38. JP Morgan analyst Matthew Boss maintained Foot Locker with a Neutral.
• Baird cut the price target from $40 to $32. Baird analyst Jonathan Komp maintained Foot Locker with a Neutral.

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