Gilford Securities Says Foot Locker CEO Change Is A Reason For Confidence

On Tuesday, analysts at Gilford Securities commented on Foot Locker, Inc. (NYSE: FL). Analysts at the firm have a Buy rating on Foot Locker shares.

Bernard Sosnick finds the CEO transition will be positive for the company, stating, "The designation of Richard Johnson as CEO places FL in the hands of experienced footwear merchant who led FL’s international operations, which propped up the company with profits, when its US operations were bleakest. He worked closely with Hicks in the development and implementation of FL’s revitalization strategy. He is uniquely qualified to lead the company, in our opinion."

Furthermore, Sosnick finds Foot Locker is one of the best positioned retailers as it is Nike’s primary distributor for premium-price basketball shoes. Sosnick writes, "Prior to Hicks’ arrival FL didn’t know how to make the most of its advantage—now it does."

Shares of Foot Locker recently traded at $53.72, up 0.17 percent Wednesday morning.