A number of research firms, including Citi and UBS, raised their price targets on Foot Locker (FL) on Monday. The bullish notes were issued after the company reported better than expected second quarter results on Friday morning. Foot Locker is a retailer that specializes in sneakers and athletic apparel.

TARGET INCREASES: Citi analyst Kate McShane raised her price target on Foot Locker to $79 from $68. The company executed very well last quarter, the analyst stated. Moreover, she noted that the retailer's comparative sales are rising around 5% so far this quarter, leading her to believe that the company has "continued momentum into back-to-school." McShane added that the company's basketball business appears to be rebounding, as the business' comparative sales rose around 5% last quarter. McShane kept a Buy rating on the shares. UBS analyst Michael Binetti raised his price target on Foot Locker to $76 from $69. The retailer's Q2 same-store sales came in at 4.7%, marking an acceleration from the first quarter's 2.9%, the analyst noted. Moreover, Foot Locker's U.S. traffic rose versus the same period a year earlier, and its basketball apparel compares get easier going forward, the analyst stated. Given the acceleration of the company's same-store sales, the valuation gap between it and its peers should narrow, predicted Binetti, who kept a Buy rating on the stock. Susquehanna analyst Sam Poser hiked his price target on Foot Locker to $80 from $73. The company benefits more than any other retailer "from the battle of innovation between" Nike (NKE), Under Armour (UA) and Adidas (ADDYY), the analyst stated. The Q2 results provide further evidence that the company "is the place kids go for cool shoes," while the company's store remodeling initiative will enable its results to continue to be "above average," contended Poser. He continues to recommend buying the stock. Another research firm, Brean Capital, increased its price target on Foot Locker to $77 from $68 and kept a Buy rating on the shares.

OTHERS TO WATCH: Other prominent footwear retailers include Finish Line (FINL) and DSW (DSW).

PRICE ACTION: In mid-morning trading, Foot Locker lost 0.4% to $68.