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Foot Locker Slides After Cowen Downgrade -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda 

Foot Locker, Inc. (NYSE 🙂 Investing.com fell in early Monday trading after the stock was downgraded by analysts at Cowen, who also lowered the price target to $34 from $42.

John Kernan from Cowen, a Cowen analyst, stated in a research note that he downgraded shares to Market Perform (from Outperform) and is now moving to the sidelines due to a “cheap” valuation. 

Based on March inbound data regarding search trends and digital traffic, the assessment shows that they are at an average 14% lower than in 2018. 

Kernan also noted that Similarweb (a website that monitors web traffic) shows that footlocker.com’s unique visitor traffic is at a 21% decline year-over-year.

The analyst thinks inflationary trends in the supply chain may be underestimated in FY 2022. His estimates for FY 2022 are still “fairly consistent with guidance”.

Foot locker Shares are now down by 4% on Monday. This is in addition to the 30% loss year-to-date.

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