Foot Locker price target lowered to $20 from $26 at Morgan Stanley

Morgan Stanley analyst Alex Straton lowered the firm’s price target on Foot Locker to $20 from $26 and keeps an Equal Weight rating on the shares. In a preview for the retail softlines group, the firm notes that positioning has become incrementally bearish on fears of a demand slowdown, but it is forecasting “another quarter of nearly universal EPS upside” and sees minimal risk of FY24 guidance reductions on the Q1 prints. “To us, this means the risk-reward skews to the upside” in the near-term among the group, the analyst tells investors.