Foot Locker shares hit high following analyst review
A Citi analyst said Foot Locker (NYSE: FL) is showing signs of positive momentum in its stores, sending its shares up to a new 52-week high in trading.
In a client note, Citi analyst Kate McShane reported that the chain's average selling price rose in February and checks with regional managers show traffic trends increased during the first quarter.
Citi said it expects sales and gross margins to improve in the near term and upgraded its estimates for the 2010 fiscal year to $0.87 per share from $0.80 per share.
McShane also raised Citi's price target on Foot Locker to $19 from $16, and reiterated a “buy” rating.
"We think Foot Locker is well-positioned to capitalize on a healthier consumer and a technical athletic footwear trend," McShane wrote.
After hitting a high of $16.07, company shares traded up $0.30, or 1.8 percent, to close at $15.97 on April 15.
--Compiled by Wendy Geister
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