FL (Market Perform) - Raising PT to $56 from $46. Favorable setup into Q3:18 earnings Nov 21 based on proprietary checks and industry trends, and we’re raising our Q3 EPS to $1.00 from $0.93 (consensus of $0.91) on a higher GM outlook (+100bps of expansion y/y from +50bps vs consensus +38bps). Our proprietary Foot Locker daily tracker indicates an improvement in the level of promotion in Q3:18 vs 1H:18 falling over -1200bps in Q3 vs down -260bps in Q2 and up +130bps in Q1. Concerns over long-term growth and margin structure keeps us at Market Perform.
Cowen_FL.pdf#
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