Skip to main content

Foot Locker's (FL) - Get Free Report battered stock dipped after absorbing a hit from a pair of analyst downgrades following a 19% percent plunge in shares of the footwear chain on Friday. 

Foot Locker's stock price edged down 0.76% to $33.74 Monday after Susquehanna cut its rating to neutral from positive and slashed its price target to $39 from $46 previously.

Wedbush also cut its price target on Foot Locker, dropping it down to $50 from $64 previously.

The slide in Foot Locker's stock kicked off last week after the footwear chain released its second-quarter results.

Foot Locker reported quarterly earnings of 66 cents a share, minus nonrecurring expenses. While that met the estimates of analysts surveyed by Zacks Investment Research, Foot Locker's quarterly earnings fell 12% from the same period the year before, when they rang in at 75 cents a share.

Foot Locker fell short on revenue, reporting $1.7 billion for a 0.4% increase over the second quarter of 2018 but below the $1.8 billion analysts polled by Zacks had estimated.

However, after taking out the effect of foreign currency fluctuations, Foot Locker saw an increase in total sales and same-store sales of 0.8%.

Save 57% With Our Labor Day Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!