JPMorgan upgraded Foot Locker (FL) to Neutral from Underweight with a price target of $24, up from $16, after Dick’s Sporting Goods (DKS) announced they have entered into a definitive agreement to acquire Foot Locker for an equity value of $2.4B or $24 per share. The firm notes that Dick’s cited the acquisition as an important strategic milestone to create a global platform within the growing sports retail industry, citing a “complementary” real estate portfolio in the U.S. and international opportunity, as well as to serve a broader set of consumers across differentiated concepts.
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