Foot Locker Inc (NYSE:FL) shares are trading lower Monday after several analysts cut price targets on the stock following the company’s disappointing earnings results.
Q1 Earnings: On Friday, Foot Locker reported worse-than-expected financial results. First-quarter revenue of $1.93 billion missed estimates of $1.99 billion and adjusted earnings of 70 cents per share fell short of estimates of 81 cents per share. The company also lowered guidance for full-year 2023.
Related Link: Foot Locker Q1 Earnings Reflects Tough Macroeconomic Conditions and Consumer Spending Trends, Says Analyst
Analyst Changes: Following the print, several analysts slashed price targets. Some analysts even downgraded the name.
- William Blair analyst Sam Poser downgraded Foot Locker from Hold to Sell and lowered the price target from $38 to $25.
- BTIG analyst Janine Stichter maintained Foot Locker with a Buy and lowered the price target from $53 to $42.
- BofA Securities analyst Lorraine Hutchinson maintained Foot Locker with a Neutral and lowered the price target from $45 to $36.
- Citigroup analyst Paul Lejuez downgraded Foot Locker from Buy to Neutral and lowered the price target from $48 to $30.
- JP Morgan analyst Matthew Boss maintained Foot Locker with a Neutral and lowered the price target from $48 to $38.
- TD Cowen analyst John Kernan maintained Foot Locker with a Market Perform and lowered the price target from $39 to $26.
- Morgan Stanley analyst Kimberly Greenberger maintained Foot Locker with an Equal-Weight and lowered the price target from $33 to $30.
FL Price Action: Foot Locker shares were down 2.62% Monday morning after falling more than 27% in Friday’s session, per Benzinga Pro.
Photo: Mike Mozart from Flickr.
