Foot Locker Upgraded To Buy From Hold At Pivotal Research

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Pivotal Research analyst Mitch Kummetz upgraded Foot Locker to Buy from Hold and raised his price target for the shares to $73 from $64. The stock closed Friday up 6%. or $3.55, to $63.07.

The company on Friday reported much better than expected Q4 results, and its fiscal 2019 same-store-sales and earnings growth outlook was also well above consensus, Kummetz tells investors in a research note. The analyst admits to being wrong when downgrading the shares early last week, saying he underestimated how well the company was positioned in Q4 and overestimated the impact of Q1 headwinds.

With the shares "up only" 6% on Friday post the earnings report, Kummetz upgrades Foot Locker back to Buy. 

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