You have your answer.
Having a stock on my watchlist for a long time (since I saw a
piece from Vitaliy Katsnelson about it a while ago), means nothing about what I would or wouldn't do about it.
Specifically, the reason for the downgrades seems to be Nike's shift to direct-to-consumer channel vs FL which if IINM was an exclusive retailer. I have no clue where it goes from here or what its worth, its just that I dropped the proverbial jaw when I saw a headline such as:
"Evercore ISI Downgrades Foot Locker to In-Line From Outperform, Cuts Price Target to $33 From $75"
I don't think that's the kind of slash one sees very often on a company with a 4B+ market cap.