Goldman Sachs Maintains Sell Rating for Foot Locker: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Goldman Sachs has reaffirmed its Sell rating on Foot Locker (NYSE:FL) but increased its price target from $18.00 to $20.00. Despite the Sell rating, Foot Locker's stock is currently trading up at $28.10, which is 1.55% higher than the previous day. The new price target suggests a potential downside of 28.83% from the current price. Foot Locker is a retailer of athletic shoes and apparel, with a significant portion of its merchandise supplied by Nike. It operates globally with a variety of store brands and an e-commerce presence.
November 30, 2023 | 5:00 pm
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Goldman Sachs maintains a Sell rating on Foot Locker but raises the price target from $18 to $20. The stock is currently trading above this target at $28.10, indicating a potential downside according to Goldman Sachs.
The reaffirmation of the Sell rating by Goldman Sachs is a negative signal for investors, suggesting that the bank believes the stock is overvalued at its current price. The increase in the price target slightly softens this view but still indicates a belief that the stock price will decline. The short-term impact is likely negative due to the Sell rating, despite the recent uptick in stock price.
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IMPORTANCE 80
RELEVANCE 100