Deutsche Bank Adjusts Estimates For Foot Locker For Delayed Lebron Launch

Courtesy of Benzinga.

In a report published Friday, Deutsche Bank analyst Paul Trussell reiterated a Buy rating and $59.00 price target on Foot Locker, Inc. (NYSE: FL).

In the report, Deutsche Bank noted, “Earlier this month, NKE (Weiner, Buy) stated that due to a ‘small cosmetic issue’ the release of the Lebron 12 sneaker will be delayed indefinitely. Our channel contacts suggest that the release may be rescheduled for December, although no official date has been announced. We believe the surprising delay (some shipments had already reached stores for its U.S. 10/11/14 debut) is having a modestly negative impact to sales at FL this month. We have tweaked our estimates for SSS and EPS to reflect lost sales and a minor impact from FX. We remain confident of robust sneaker sales near-term, beginning with a plethora of high-priced releases this weekend.”

Foot Locker, Inc. closed on Thursday at $55.14.

Posted-In: Deutsche Bank Paul TrussellAnalyst Color Reiteration Analyst Ratings