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Wells doubts investors will step into Foot Locker , downgrades shares
Wells Fargo analyst Tom Nikic downgraded Foot Locker to Market Perform from Outperform and cut his price target for the shares to $37 from $55 saying company's Q2 performance was "far worse than expected." The analyst doubts investors will look to buy today's post-earnings selloff given the concerns around decelerating trends across the athletic space. Deutsche Bank and Telsey Advisory also downgraded Foot Locker today.