Analyst Jay Sole downgraded the stock to sell from neutral and cut his price target to $30 from $36, implying downside of 25% from Tuesday's close.
UBS is bearish on Foot Locker , saying that the shoe retailer is unlikely to drive revenue growth in a recession. Analyst Jay Sole downgraded the stock to sell from neutral and cut his price target to $30 from $36. The new target implies downside of 25% from Tuesday's close. Sole said he does not believe "enough bad news is priced in" for Foot Locker and several other softline stocks.
"Nike as a percentage of FL's sales is on track to decline to 55-60% from 70% over the course of the next 12-18 months, in our view. We doubt Nike Inc. will ever make up 70% of sales again for FL. In fact, we believe the percentage will fall further from 55-60%," Sole said. "Our view is Nike's main strategic priority is to grow its direct-to-consumer business and this comes in direct conflict with its relationship with FL.
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