Piper Jaffray Remains Neutral on Foot Locker (FL) Ahead of Q1 Results

Piper Jaffray maintains a Neutral rating and $59.00 price target on Foot Locker (NYSE: FL) leading up to the release of Q1 results. Analyst Erinn Murphy is expecting a solid report, helped by ongoing traction in Europe.

Murphy commented on FL, saying, "We are raising our Q1 estimate for FL as we expect a solid report helped by ongoing traction in Europe which is starting to see the building momentum in the athletic cycle. For Q1 we are raising our EPS from $1.18 to $1.23 (inline with the Street) on a 6.0% comp. We believe underlying trends are strong--both in the U.S. and confirmed by our recent checks in Europe at the end of April. We believe NIKE is seeing broad-based momentum and also believe recent introductions by adidas, Reebok and Under Armour have been additive to the athletic cycle and should re-energize the competitive landscape throughout 2015. However, with FL shares +10% YTD, we believe shares are well priced into this report and remain on the sidelines."

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 $62.78 yesterday.

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