Foot Locker shares are trading lower after Goldman Sachs downgraded the stock from Neutral to Sell and announced an $18 price target.
Portfolio Pulse from Benzinga Newsdesk
Foot Locker's stock has been downgraded from Neutral to Sell by Goldman Sachs, with a new price target set at $18. This has resulted in Foot Locker shares trading lower.
October 19, 2023 | 1:10 pm
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Goldman Sachs has downgraded Foot Locker's stock from Neutral to Sell and set a new price target at $18, causing the shares to trade lower.
The downgrade from Goldman Sachs, a major financial institution, is a negative signal to the market. The new price target of $18 is likely lower than the current trading price, which suggests that Goldman Sachs believes the stock is overvalued. This can lead to selling pressure, causing the stock price to decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100