{"id":12521,"date":"2023-05-23T07:11:21","date_gmt":"2023-05-23T11:11:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/foot-locker-and-nike-stocks-downgraded-it-isnt-just-consumer-spending\/"},"modified":"2023-05-23T07:11:22","modified_gmt":"2023-05-23T11:11:22","slug":"foot-locker-and-nike-stocks-downgraded-it-isnt-just-consumer-spending","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12521","title":{"rendered":"Foot Locker and Nike Stocks Downgraded. It Isn&#8217;t Just Consumer Spending."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000651763\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>While retailers across the sector are struggling with declines in consumer spending, analysts are bearish on<br \/>\n        Foot Locker<br \/>\n       and<br \/>\n        Nike<br \/>\n       for different reasons.<\/p>\n<p>\n        Citi<br \/>\n      \u2018s Paul Lejuez downgraded Foot Locker\u2019s (ticker: FL) stock to Hold from Buy on Monday, and Williams Trading analyst Sam Poser lowered his rating to Sell on Sunday after sticking to his Hold call since August last year. <\/p>\n<div class=\"paywall\">\n<p>Shares of Foot Locker fell nearly 5% to $28.74 on Monday. <\/p>\n<p>Foot Locker\u2019s stock, down more than 20% this year, suffered a blow on its earnings day Friday. Newly appointed CEO Mary Dillon said the company is taking more aggressive markdowns on inventory as sales have slumped due to weaker lower-income\u00a0consumer spending. Management now forecasts sales to decline 6.5% to 8% in the fiscal year ending January 2024 versus the more modest 3.5% to 5.5% fall expected by management earlier\u2014or the 4.6% decline predicted by analysts. <\/p>\n<p>Lejuez believes investors have lost confidence<strong>\u00a0<\/strong>in management<strong>\u00a0<\/strong>after being drawn earlier to Foot Locker\u2019s new long-term growth strategy, driven by Dillon\u2019s appointment in September. <\/p>\n<p>Even with a high exposure to lower-income consumers, \u201cthey were not conservative at all about near-term trends\u201d  wrote Lejuez, who lowered his price target to $30 from $48. <\/p>\n<p>Management on Friday also reiterated its \u201cLace Up\u201d plan, which includes a revenue target of about $9.5 billion by 2026. Poser sees the plan as \u201cuntied or knotted up\u201d and lowered his target to $25 from $38. <\/p>\n<p>Foot Locker didn\u2019t immediately respond to a request for comment.<\/p>\n<p>For Nike (NKE), Poser also took a strong bearish call, downgrading the stock to Sell from Hold and lowering the target to $95 from $120. <\/p>\n<p>He believes there is a lack of new compelling products to help move Nike\u2019s inventory levels in the U.S. Inventory growth was up 16% at the end of the third quarter versus the year earlier, a level that is \u201croughly $800 million above the optimum,\u201d Poser wrote.<\/p>\n<p>Nike didn\u2019t immediately respond to a request for comment, although CEO John Donahoe said in December that the\u00a0\u201cinventory\u00a0peak is behind us.\u201d <\/p>\n<p>Nike stock was down 3% Monday, to $111.79.<\/p>\n<p>Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/foot-locker-nike-stock-price-downgrade-56615fcb?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While retailers across the sector are struggling with declines in consumer spending, analysts are bearish on Foot Locker and Nike for different reasons. Citi \u2018s Paul Lejuez downgraded Foot Locker\u2019s (ticker: FL) stock to Hold from Buy on Monday, and Williams Trading analyst Sam Poser lowered his rating to Sell on Sunday after sticking to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-12521","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foot Locker and Nike Stocks Downgraded. 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