Why Foot Locker Stock Jumped 5.5% on Friday

Shares of athletic shoe retailer Foot Locker (NYSE: FL) moved higher by roughly 5.5% in early stock market trading on Friday. Although there was no particular news from the company, there was some word from an analyst. And, of course, there was the ongoing reopening of the U.S. economy.

Raymond James lowered its stock price call on Foot Locker from $50 per share to $30. Normally that would be seen as a pretty big negative, but with COVID-19 still disrupting the normal functioning of the retail sector, these aren't normal times. In fact, the broker maintained its outperform rating on Foot Locker, explaining that it remains exceptionally well positioned for success when it comes to selling premium athletic footwear. A gain in market share was floated as a likely outcome of the current retail upheaval.

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Source Fool.com