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Investing.com — Foot Locker (NYSE:FL) jumped 8% on Tuesday after Deutsche Bank (DE:DBKGn) added short-term buy on the stock.
The bank expects meaningful improvement in the company’s inventory position, CNBC Pro reported. Foot Locker’s is favored as consumers workout from home and use stimulus money to buy the “latest fashions.”
“We also believe FL will be able to speak to progress lowering fixed costs through rent negotiations and other actions on expenses,” CNBC Pro reported Deutsche Bank as saying.
Foot Locker shares are up about 68% since hitting a 2020 low in March. Shares have five buys, seven holds and one sell, according to data compiled by Investing.com, with an average price target of $30.17. The company reports earnings next month.
Foot Locker reported a net loss of $98 million, or $0.93 per share, for the first quarter of 2020, compared to net income of $172 million, or $1.52 per share in the corresponding prior-year period.
