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UPDATE: CFRA Downgrades Foot Locker to Sell, Lowers Price Target of $20 Notes 3 Catalyst Reflecting An Unfavorable Risk/Reward:

1. We hold concerns over FL's high exposure to enclosed malls, our view that some of these malls may not reopen or be impaired, and lower digital penetration relative to peers 2. High markdown risk from

Benzinga · 05/22/2020 15:46

1. We hold concerns over FL's high exposure to enclosed malls, our view that some of these malls may not reopen or be impaired, and lower digital penetration relative to peers

2. High markdown risk from bloated inventories and competitive pressures from off-price and outlet

3. Long-term headwinds as NKE, FL's largest supplier, recently ended its partnership with Amazon, and said its vision is to create direct relationships with consumers, and direct growth continues to outpace wholesale