Athletic footwear and apparel retailer Foot Locker, Inc. (FL) on Monday caught some bullish commentary from analysts at Canaccord Genuity.
The firm maintained its “Buy” rating on FL and lifted its price target from $36 to $39. That new target suggests a 29% upside to the stock’s Friday closing price of $30.33.
A Canaccord Genuity analyst commented, “FL reported strong Q1 EPS of 0.83 vs. our estimate and consensus of $0.74, with upside coming from both comp growth and margin expansion that exceeded our expectations. We believe consistent momentum in the athletic footwear space coupled with robust gross margin expansion opportunities puts FL in a position to continue generating successive earnings beats through 2012. As such, we believe 2012 guidance that was increased to account for the Q1 beat appears conservative.”
Foot Locker shares rose 34 cents, or +1.1%, in Monday morning trading.
The Bottom Line
Shares of Foot Locker (FL) have a 2.37% dividend yield, based on Friday’s closing stock price of $30.33. The stock has technical support in the $28 price area. If the stock can firm up, we see overhead resistance around the $32-$34 price levels.
Foot Locker, Inc. (FL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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