Morgan Stanley upgrades Gap to Overweight, sees potential, downgrades Foot Locker due to weakening sales

From Yahoo Finance: 2024-07-18 12:11:02

Morgan Stanley upgraded Gap from Equal Weight to Overweight, expecting “one of the greatest fundamental recapture opportunities” with a price target of $29. Meanwhile, Foot Locker was downgraded due to weakening sales performance from Nike, decreasing its price target to $18 from $24. Morning Brief hosts Seana Smith and Madison Mills dive into these retail calls and consumer spending trends. Visit the link for expert market insights and the latest updates. Morgan Stanley is confident in Gap’s turnaround potential and positive EPS revisions in fiscal year 2024. However, Foot Locker faces downside pressure due to Nike’s weakening performance, leading to a price target cut from $24 to $18. The competitive retail environment and stock movement trends further shape the outlook for Gap and Foot Locker in relation to other retailers. Nike’s consistent downside pressure affects not only Foot Locker’s stock performance but also indicates potential continued challenges for Nike itself. This shift underscores the importance of staying cautious in investing in companies interacting with Nike.



Read more at Yahoo Finance: Morgan Stanley upgrades Gap, downgrades Foot Locker