Foot Locker shares may rise to $30-Barron's

NEW YORK: Shares in Foot Locker could reach $30 in the next six months if the shoe retailer beats Wall Street earnings per share estimates for the second quarter, according to a report in Barron's.

While the company's shares may fall a little in the near term after recently touching a four-year high of $25, the stock could rise again on increasing sales of athletic sneakers, according to the report in the May 30 edition of Barron's.

If Foot Locker meets Gilford Securities analyst Bernard Sosnick's second-quarter estimate for earnings per share (EPS) of 14 cents, he expects the stock to rise more than 20 percent to $30 in the next six months, according to Barron's.

It noted that Sosnick's estimate is above the average Wall Street expectation for EPS of 11 cents. Foot Locker shares closed at $24.92 on New York Stock Exchange on Friday.

Copyright Reuters, 2011