Needham analyst Tom Nikic has reiterated their bullish stance on FL stock, giving a Buy rating on March 3.
Tom Nikic has given his Buy rating due to a combination of factors, including Foot Locker’s better-than-expected quarterly results and promising future prospects. Despite high investor anxiety, the company surpassed expectations with its earnings per share and provided guidance that met or exceeded market expectations.
Additionally, Foot Locker’s non-Nike business has shown strength, and Nike’s renewed focus on the wholesale channel is likely to benefit the company. The comparable sales growth was in line with their guidance, and while the full-year earnings projection was slightly below sell-side expectations, it was better than what the buyside anticipated. These elements contribute to a positive outlook for Foot Locker’s sales, margins, and earnings in the coming years.
In another report released on March 3, Evercore ISI also maintained a Buy rating on the stock with a $22.00 price target.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FL in relation to earlier this year.