Foot Locker Has a Lot in Common With Best Buy and That's a Good Thing, Analyst Says
Barclays believes Foot Locker has the most potential for multiple expansion across the sector.
Athletic apparel and footwear retailer Foot Locker (FL) - Get Foot Locker, Inc. Report was named a "Top Pick" by Barclays on Monday morning. The firm reiterated its price target of $80.
Barclays believes Foot Locker has the most potential for multiple expansion across the sector, which should be the result of rising allocations of new vendor products driving a return to greater levels of comparable store sales.
"FL is the dominant retailer of premium, innovative athletic product in the physical brick and mortar world for both the US and Europe, which is similar to Best Buy's (BBY) - Get Best Buy Co., Inc. Report position in North America," the firm said in a note.
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