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Fly News Breaks for April 15, 2016
NKE, FL
Apr 15, 2016 | 08:55 EDT
As previously reported, Cowen analyst John Kernan downgraded Foot Locker (FL) to Market Perform from Outperform after the firm's checks indicated that promotions on signature basketball sneakers are rising rapidly and data showed that average selling prices of Nike (NKE) footwear declined 1% in North America in Q3. The analyst, who sees risks to consensus expectations for Foot Locker to have ongoing mid-single-digit same-store sales growth, lowered his price target on the stock to $66 from $75.
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