The firm expects the retailer's stock could rally 25.4%.
Foot Locker is moving in the right direction under leadership, according to Citi. Analyst Paul Lejuez upgraded the retail stock to buy from neutral and raised his price target by $3 to $50. Lejuez's new price target implies the stock could rally 25.4% from where it closed Monday. Despite reporting a slide in holiday-quarter earnings , Foot Locker leadership shared details about a renewed relationship with Nike . CEO Mary Dillon emphasized a focus on what she called "sneaker culture.
He likened plans for the loyalty program to what is available at beauty retailer Ulta , while noting it has the potential for success. "New CEO Mary Dillon brings a successful track record of courting beauty brands in her previous role at ULTA, making her the right leader for this moment," Lejuez said in a note to clients Tuesday. He also said there could be upside to the target price if management can execute its plan to grow sales.
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