Foot Locker cut to Neutral at Goldman, shares -1.9% premarket


Foot Locker (FL) -1.9% premarket after Goldman Sachs downgrades shares to Neutral from Buy with a $37 price target, down from $41, citing a lack of conviction in same-store sales re-acceleration.

FL has become a "share donor" to vendors’ direct operations, particularly at Nike (NKE), and more recently to non-athletic retailers, the firm says; this, combined with slowing sales across many athletic brands, lessens conviction in a same-store sales pickup, which the firm sees as a necessary catalyst for the stock to re-rate.

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