{"id":74515,"date":"2023-10-19T15:38:55","date_gmt":"2023-10-19T19:38:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/foot-locker-has-a-lot-of-work-to-do-goldman-says-sell\/"},"modified":"2023-10-19T15:38:58","modified_gmt":"2023-10-19T19:38:58","slug":"foot-locker-has-a-lot-of-work-to-do-goldman-says-sell","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74515","title":{"rendered":"Foot Locker Has A Lot of Work To Do. Goldman Says Sell."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Foot Locker
\n is working through some changes that could negatively impact the stock, one analyst team argued as it downgraded shares of the footwear retailer. <\/p>\n

Goldman Sachs analysts led by Kate McShane lowered their recommendation on
\n Foot Locker
\n (ticker: FL) to Sell from Neutral and established a price target of $18 in a report Thursday.<\/p>\n

\n

Shares were trading flat at $21.95 on Thursday. <\/p>\n

Multiple factors prompted the downgrade at Goldman. <\/p>\n

First, the Champs Sports brand is getting a revamp, which means closing underperforming stores and focusing on key markets. \u201cWhile undergoing this transformation, however, there is a possibility that FL loses some of its existing customers as it shifts focus and decreases its store footprint,\u201d the analysts wrote. <\/p>\n

Second, the store is landing less desirable products from
\n Nike
\n (NKE), which could drag on market share. Here\u2019s what happened: In February 2022,
\n Foot Locker
\n said
\n Nike
\n was focusing on its direct-to-consumer strategy, adding that it \u201cexpected its concentration to decline meaningfully\u201d into this year, the analysts wrote. Nike items remain on the shelves, they continued, but they\u2019re not \u201cthe most in-demand products,\u201d while other retailers including
\n Dick\u2019s Sporting Goods
\n (DKS) continue to be \u201ckey partners.\u201d<\/p>\n

And lastly, the stock\u2019s valuation could be pressured as the company is still grappling with weak demand and high promotions \u201cas it works through still-heavy inventory levels,\u201d Goldman noted. <\/p>\n

It\u2019s been a tough year for the footwear retailer, with shares down 42%. In August, the company missed quarterly sales estimates and posted earnings in line with expectations. A majority of analysts are on the sidelines, with 68% rating the stock at Neutral, 18% at Buy and 14% at Sell, according to FactSet. <\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Foot Locker is working through some changes that could negatively impact the stock, one analyst team argued as it downgraded shares of the footwear retailer. Goldman Sachs analysts led by Kate McShane lowered their recommendation on Foot Locker (ticker: FL) to Sell from Neutral and established a price target of $18 in a report Thursday. […]<\/p>\n","protected":false},"author":1,"featured_media":74516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-74515","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nFoot Locker Has A Lot of Work To Do. 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