Needham & Company LLC Issues Pessimistic Forecast for Foot Locker (NYSE:FL) Stock Price

Foot Locker (NYSE:FL) had its target price lowered by research analysts at Needham & Company LLC from $25.00 to $24.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm presently has a “buy” rating on the athletic footwear retailer’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 13.54% from the stock’s current price.

Several other research firms also recently weighed in on FL. Barclays dropped their target price on Foot Locker from $34.00 to $29.00 and set an “overweight” rating for the company in a research report on Friday, December 6th. Evercore ISI cut their target price on shares of Foot Locker from $38.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reduced their target price on shares of Foot Locker from $27.00 to $23.00 and set an “underweight” rating on the stock in a report on Wednesday, December 4th. Telsey Advisory Group dropped their price target on shares of Foot Locker from $30.00 to $24.00 and set a “market perform” rating for the company in a research note on Thursday, December 5th. Finally, The Goldman Sachs Group reduced their price objective on Foot Locker from $25.00 to $22.00 and set a “sell” rating on the stock in a research note on Thursday, December 5th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Foot Locker currently has an average rating of “Hold” and an average price target of $24.94.

Foot Locker Price Performance

Shares of FL opened at $21.14 on Friday. The firm has a 50-day simple moving average of $22.14 and a two-hundred day simple moving average of $25.04. The stock has a market cap of $2.01 billion, a PE ratio of -4.69, a P/E/G ratio of 0.82 and a beta of 1.49. Foot Locker has a 1-year low of $19.33 and a 1-year high of $35.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.45.

Foot Locker (NYSE:FL) last posted its 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). Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the business posted $0.30 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts forecast that Foot Locker will post 1.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in Foot Locker in the second quarter valued at $31,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Foot Locker by 156.1% in 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 purchasing an additional 985 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Foot Locker in the 3rd quarter valued at about $47,000. R Squared Ltd purchased a new position in Foot Locker during the 4th quarter worth approximately $50,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Foot Locker during the 3rd quarter worth approximately $58,000.

Foot Locker Company Profile

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.