Nike’s (NKE) Q3 results were slightly better than expectations but 9% lower year over year, and while the company is returning to its roots, the road to recovery won’t be immediate, which could continue to weigh on near-term performance at Foot Locker (FL), Jefferies analyst Corey Tarlowe tells investors in a research note. Jefferies believes the partnership between Nike and Foot Locker with the “Home Court” and “The Clinic” experiences are encouraging, but sees significant headwinds ahead. Jefferies has a Hold rating and $19 price target on Foot Locker shares.
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