Needham starts Skechers coverage at Hold, Foot Locker at Buy

Investing.com11-22 20:44

Investing.com -- Needham&Co. began coverage of Foot Locker (NYSE:FL) and Skechers USA Inc (NYSE:SKX) stocks on Friday, assigning them Buy and Hold ratings, respectively. For Skechers, the investment ...

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This shift from tailwinds to headwinds in freight, pricing, and channel mix, combined with the company’s stance on growth investment, is expected to limit near-term margin expansion.\nThe firm's forecast for Skechers' earnings per share (EPS) stands at $4.63, below the market consensus of $4.95.\nFoot Locker, on the other hand, is viewed as an attractive earnings-recovery story for 2025. The company is expected to benefit from a renewed relationship with Nike (NYSE:NKE), momentum in non-Nike brands, and leveraging recent investments in selling, general, and administrative expenses (SG&A).\nNeedham anticipates a fundamental improvement in Foot Locker's performance, driven by these factors and a merchandise margin recovery.\n“While we believe FL is in the midst of a post-back-to-school lull, we believe trends may reaccelerate post-Thanksgiving, and we're encouraged by a recent consumer survey that showed high consumer interest in sneaker this Holiday season,” Nikic said.\nThe firm highlighted the potential for Foot Locker's positive comp growth in the coming years, supported by Nike's decision to increase allocations of high-demand products to the retailer starting in the fourth quarter of 2024. Additionally, the retailer's tech investments are expected to taper off, setting the stage for meaningful margin expansion in fiscal year 2025.\nRelated Articles\nNeedham starts Skechers coverage at Hold, Foot Locker at Buy\nHere's why you should avoid owning Zegna shares: Morgan Stanley\nFactbox-Who are bankrupt Northvolt's creditors?","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485250585"}