UBS analyst Jay Sole lowered the firm’s price target on Foot Locker (FL) to $22 from $26 and keeps a Neutral rating on the shares. Despite the 30% stock decline over the last three months, UBS does not see Foot Locker’s current valuation as attractive, and says the main issue is considerable downside risk. Nike (NKE), Foot Locker’s main brand partner, is struggling, and Foot Locker also faces tough competition from other brands’ DTC channels as well as rivals such as JD Sports (JDDSF), the analyst tells investors in a research note.
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