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Foot Locker (FL) Volatility Related to Weak Basketball Shoe Data from SportScanInfo, Sterne Agee Says

October 22, 2014 11:27 AM EDT
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Price: $28.51 --0%

Rating Summary:
    16 Buy, 21 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 10 | New: 10
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Sterne Agee analyst Sam Poser weighed in on Foot Locker (NYSE: FL) given today's volatility, which he believes is related to SportScanInfo data.

"SportScanInfo data that came out this morning stated that last week's basketball sales were down 7.2%," Poser said. "The stock's activity does not reflect shifts of launch dates for a number of key items. Last week's numbers do not include the Lebron XII, that was pulled because of cosmetic issue, and the lapping of the of the Jordan 6 "rings" from last year."

Poser said the basketball business remains very healthy and is more than confident that the 10-25-14 launch of the Jordan 13 Baron's will return the basketball business to its positive mid teens run rate.

The firm maintained a Buy rating and price target of $65.

For an analyst ratings summary and ratings history on Foot Locker click here. For more ratings news on Foot Locker click here.

Shares of Foot Locker closed at $55.40 yesterday.



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Sterne Agee, Sam Poser