Analysts at Berenberg Bank provided their views on Foot Locker, Inc. (NYSE:FL) following the company’s recent Q3 results (Nov 19). Since the quarterly results, the stock has materially underperformed the S&P500, as the market is concerned with lower-than-expected comps and pandemic and supply chain constraints.

While 2021 will be a tough year to lap, the analysts at Berenberg Bank are far more optimistic than the Street. While 2022 consensus EPS expectations are 34% higher than the company’s previous high-water mark in 2019, the Street expects a 13% decline in EPS for 2022. Excluding recent acquisitions, consensus expects 2022 EPS to decline 18% year-over-year. While Berenberg also expects a decline (to $7.04), driven by some mean reversion in gross margin and supply chain headwinds, it believes the Street is too bearish.