Here are the biggest calls on Wall Street on Friday
B. Riley FBR said it sees "improving trends" in the company's footwear business.from Neutral to Buy and raising our price target from $62 to $73. Our upgrade is driven by improving trends in FL's core footwear business, as well as in their international channels. Our store checks have shown a significant pullback in promotions since 1H18 which we believe reflects on-trend product from both FL's core partners and smaller more casual/fashion oriented brands.
and a game lineup this year that appears outstanding. We expect a string of near-term catalysts, including updates onMAUs, game reveals at the E3 Expo in June, greater detail on the market expansion potential for services like Google Stadia, and continuing growth of EA's sports business. Our price target of $122 reflects a P/E multiple of 20x our FY:21 EPS estimate plus $15 per share in net cash, compared to current valuation of around 16x the consensus FY:21 EPS estimate.
"Lifting EPS estimates and PO from $81 to $94. We have refined our model post results given added detail from its recent 1Q results, 10-Q filing and annual shareholders meeting. As a result, we now have more comfort regarding's guidance of margin expansion this year and the increased likelihood of margin expansion going forward as per unit costs for RRP commercialization eases. Our new 2019/2020/2021 EPS estimates are $5.19/$5.66/$6.23 .
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