Morgan Stanley Has Lowered Expectations for Foot Locker (NYSE:FL) Stock Price

Foot Locker (NYSE:FL) had its target price cut by stock analysts at Morgan Stanley from $17.00 to $16.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the athletic footwear retailer’s stock. Morgan Stanley’s price objective would indicate a potential downside of 27.27% from the stock’s current price.

Several other equities research analysts have also recently weighed in on FL. Evercore ISI lowered their target price on Foot Locker from $38.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. Robert W. Baird lowered their price objective on shares of Foot Locker from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday. Jefferies Financial Group cut their target price on shares of Foot Locker from $27.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday. Piper Sandler lowered their price target on shares of Foot Locker from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Monday, December 2nd. Finally, Telsey Advisory Group cut their price objective on shares of Foot Locker from $30.00 to $24.00 and set a “market perform” rating on the stock in a report on Thursday. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Foot Locker has an average rating of “Hold” and a consensus price target of $25.29.

Foot Locker Trading Up 3.9 %

Shares of FL opened at $22.00 on Friday. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -4.88, a PEG ratio of 0.64 and a beta of 1.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.49. Foot Locker has a 1-year low of $19.33 and a 1-year high of $35.60. The company has a 50-day moving average of $23.87 and a 200 day moving average of $25.82.

Foot Locker (NYSE:FL) last posted its quarterly earnings results on Wednesday, December 4th. The athletic footwear retailer reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.07). The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.01 billion. Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The business’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. On average, research analysts expect that Foot Locker will post 1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FL. Quarry LP acquired a new position in shares of Foot Locker in the second quarter valued at about $31,000. Fifth Third Bancorp raised its position in Foot Locker by 116.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,365 shares of the athletic footwear retailer’s stock worth $34,000 after buying an additional 733 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Foot Locker by 156.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,616 shares of the athletic footwear retailer’s stock valued at $40,000 after acquiring an additional 985 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Foot Locker in the 2nd quarter valued at $43,000. Finally, nVerses Capital LLC purchased a new position in shares of Foot Locker during the third quarter worth $47,000.

About Foot Locker

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.