Foot Locker Inc.'s stock plummeted 5.20% in pre-market trading on Thursday, following the release of its Q4 2024 earnings results and Baird's decision to lower its price target on the athletic footwear and apparel retailer.
Baird lowered its price target on Foot Locker to $20 from $24, while maintaining a Neutral rating on the shares. The firm updated its model after Foot Locker reported its Q4 2024 results, which likely fell short of expectations.
While specific details of Foot Locker's Q4 performance were not available, the market's reaction and Baird's downgrade suggest that the company may have faced challenges during the quarter, potentially related to weaker sales or profitability. Investors will be closely watching for further analysis and guidance from the company and analysts to better understand the factors contributing to the stock's decline.
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