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Foot Locker price target lowered to $19 from $23 at Piper Sandler

Piper Sandler lowered the firm’s price target on Foot Locker (FL) to $19 from $23 and keeps a Neutral rating on the shares. While Q4 showed upside and 2025 outlook below consensus but appropriate given the environment/high Nike (NKE) dependency, the firm questions the improvement expected after a weak start to Q1 2025. While Q2 EPS is lapping 9c from the loyalty launch last year, comparable sales improvement starting Q2, on top of compares that get tougher, may be optimistic, in Piper’s view. The firm thinks the move in the stock was mostly short covering.

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