As previously reported, Cowen downgraded Foot Locker (FL) to Market Perform from Outperform. Analysts led by John Kernan said Foot Locker's execution remains outstanding but sees risks to consensus expectations for ongoing mid-single-digit same-store-sales and margin expansion. The analyst said Nike footwear Q3 ASPs declined 1% in North America and checks show promotional cadence in basketball is rising rapidly. Kernan's FY16 earnings estimate of $4.73 is 1% below consensus and said expectations for margin expansion growth will be difficult beyond 2016.