TheStreet's Jim Cramer weighs in on Foot Locker.
NEW YORK (TheStreet) -- TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUScharitable trust portfolio, said investors should take advantage of where Food Locker's (FL) - Get Report stock price is now.
"There were three analysts who said stop selling the stock. I went over the quarter this weekend, and couldn't believe the company was very forthcoming about some problems they had. But you know what, this stock is now down huge...it's a buy," Cramer noted.
On Friday morning the retailer's management issued a disappointing outlook for February, saying that comparable stores sales could decline year-over-year.
While it didn't give details as to how much it would drop, its fourth quarter 2015 results came in strong with earnings of $1.16 a share, topping Wall Street's expectations of $1.12 a share.
Revenue of $2.01 billion was also higher than forecasts of $2 billion, rising 5% year-over-year. In the recent period, robust performance across channels, geographies, banners and product categories boosted comparable store sales up 7.9%.
"We began the year by introducing a revised strategic framework and priorities, as well as elevated long-term financial objectives," CEO Richard Johnson stated in the earnings report. "I could not be more proud of the progress the team has made developing leadership positions in so many areas of our business."
About the results, Piper Jaffray in a note this morning said Foot Locker remains "resilient" in a challenging retail landscape and that its geographic trends remain strong.
Going forward, analysts believe shares are priced for performance, reiterating their "neutral" rating on the stock with a $67 price target.
Foot Locker shares are retreating 1.75% to $63.02 on Monday afternoon.
Based in New York, Foot Locker operates as an athletic shoes and apparel retailer.
(Foot Locker is held the Trifecta Stocks portfolio. See all of the holdings with a free trial.)
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A+.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FL