12:35 PM EDT, 09/05/2024 (MT Newswires) -- Foot Locker ( FL ) has a "balanced upside/downside skew" due to potential H2 growth and risks from ongoing store closures and expected promotional pressures, UBS said in a note on Thursday.

The company's store closures suggest continued market share loss, limiting potential price-to-earnings multiple expansion and holding its topline growth at a low level, the firm added.

Foot Locker's ( FL ) non-Nike brands have grown about 13% year-over-year, however, a Nike ( NKE ) slowdown "may offset" its non-Nike ( NKE ) gains, according to the note.

UBS reiterated its neutral rating on Foot Locker's ( FL ) stock and kept the price target at $29.

Shares of the company were down 2.2% in recent trading.

Price: 27.76, Change: -0.60, Percent Change: -2.10