These Analysts Increase Their Forecasts On Foot Locker After Strong Earnings

Foot Locker, Inc. FL reported better-than-expected third-quarter financial results and updated guidance.

Foot Locker reported a third-quarter FY23 sales decline of 8.6% year-on-year to $1.99 billion, beating the analyst consensus estimate of $1.97 billion. Adjusted EPS of $0.30 beat the consensus estimate of $0.25.

Foot Locker updated FY23 comparable sales guidance from down 9%-10% to down 8.5%-9%. The company updated FY23 sales guidance from down 8%-9% to down 8%-8.5%.

Foot Locker shares gained 16.1% to close at $27.67 on Wednesday.

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

• Telsey Advisory Group increased the price target on Foot Locker from $22 to $31. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• Citigroup boosted the price target on Foot Locker from $18 to $20. Citigroup analyst Paul Lejuez maintained a Sell rating.

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