Why Foot Locker Stock Raced Higher Today
Shares of shoe retailer Foot Locker (NYSE: FL) stock popped higher on Monday, responding to a modestly bullish note from J.P. Morgan over the weekend. As of 12:45 p.m. ET, Foot Locker is up a solid 5.5%.
But why?
J.P. Morgan's note Sunday delivered a sort of backhanded compliment to Foot Locker. For one thing, analyst Matthew Boss actually lowered his price target on the shoe retailer -- from $28 to just $20 a share, which doesn't sound like a great start. For another, the J.P. Morgan analyst's conclusion on Foot Locker wasn't particularly exciting. He had Foot Locker rated neutral before the change in price target -- and he has it rated neutral afterward as well.
Source Fool.com
