Benzinga | Oct 7, 2020 02:25PM EDT

Why Foot Locker's Stock Is Trading Higher Today

Foot Locker (NYSE:FL) shares are trading higher on Wednesday after Barclays upgraded the company's stock from Equal-Weight to Overweight and announced a $39 price target.

Foot Locker operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New Zealand. It also has one franchisee in the Middle East and one in South Korea, each of which operates multiple stores in those regions. The company mainly sells athletically inspired shoes and apparel.

Foot Locker's merchandise comes from only a few suppliers, with Nike providing the majority. Store names include Foot Locker, Champs, and Runners Point. The company also has an e-commerce business selling through Footlocker.com, Eastbay, and Final-Score.

Foot Locker shares traded up 2.9% to $37.61 on Wednesday. The stock has a 52-week high of $47.86 and a 52-week low of $17.46.