Jefferies Downgrades Foot Locker

Fintel reports that on September 25, 2023, Jefferies downgraded their outlook for Foot Locker (NYSE:FL) from Buy to Hold.

Analyst Price Forecast Suggests 20.93% Upside

As of August 31, 2023, the average one-year price target for Foot Locker is 21.48. The forecasts range from a low of 11.11 to a high of $31.50. The average price target represents an increase of 20.93% from its latest reported closing price of 17.76.

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The projected annual revenue for Foot Locker is 8,611MM, an increase of 3.65%. The projected annual non-GAAP EPS is 4.34.

What is the Fund Sentiment?

There are 701 funds or institutions reporting positions in Foot Locker. This is a decrease of 66 owner(s) or 8.60% in the last quarter. Average portfolio weight of all funds dedicated to FL is 0.16%, a decrease of 18.68%. Total shares owned by institutions increased in the last three months by 2.28% to 117,647K shares. The put/call ratio of FL is 1.33, indicating a bearish outlook.

What are Other Shareholders Doing?

Vesa Equity Investment S.a r.l. holds 11,469K shares representing 12.18% ownership of the company. No change in the last quarter.

Macquarie Group holds 4,562K shares representing 4.84% ownership of the company. In it’s prior filing, the firm reported owning 3,678K shares, representing an increase of 19.37%. The firm decreased its portfolio allocation in FL by 12.40% over the last quarter.

FLPSX – Fidelity Low-Priced Stock Fund holds 4,418K shares representing 4.69% ownership of the company. In it’s prior filing, the firm reported owning 3,575K shares, representing an increase of 19.07%. The firm decreased its portfolio allocation in FL by 22.12% over the last quarter.

Lsv Asset Management holds 4,207K shares representing 4.47% ownership of the company. In it’s prior filing, the firm reported owning 4,274K shares, representing a decrease of 1.59%. The firm decreased its portfolio allocation in FL by 33.90% over the last quarter.

Goldman Sachs Group holds 3,486K shares representing 3.70% ownership of the company. In it’s prior filing, the firm reported owning 3,035K shares, representing an increase of 12.94%. The firm decreased its portfolio allocation in FL by 25.97% over the last quarter.

Foot Locker Background Information
(This description is provided by the company.)

Foot Locker, Inc. leads the celebration of sneaker and youth culture around the globe through a portfolio of brands including Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, Footaction, and Sidestep. With approximately 3,000 retail stores in 27 countries across North America, Europe, Asia, Australia, and New Zealand, as well as websites and mobile apps, the Company’s purpose is to inspire and empower youth culture around the world, by fueling a shared passion for self-expression and creating unrivaled experiences at the heart of the global sneaker community. Foot Locker, Inc. has its corporate headquarters in New York.

This article originally appeared on Fintel