Brean Capital Reiterates Buy on Dick's Sporting Goods (DKS) Following 3Q
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Brean Capital maintained a Buy rating on Dick's Sporting Goods (NYSE: DKS), and cut the price target to $63.00 (from $64.00), following the company's 3Q earnings report. DKS reported 3Q EPS of $0.48, well above consensus estimates for $0.42. Management raised FY16 EPS guidance and is now expecting adjusted EPS of $2.99-$3.11 vs. prior expectations of $2.90-$3.05.
Analyst Eric Tracy commented, "Despite delivering 3Q comp/EPS upside, shares of DKS traded down -7% yesterday on guidance (EPS of $2.99-$3.11 in FY16) that came in below high investor expectations (shares +40% since late June, peg buyside bogey for FY16 in the $3.10-$3.25 range). While we believe much of the delta vs. expectations represents conservatism on the part of mgmt around critical 4Q weather dynamic, the high end of comp guidance remains predicated on season coming together, even as yesterday's pullback has somewhat improved risk/reward (shares now trading 16x our slightly lowered FY17 EPS, vs. 17x previously). Accordingly, we are maintaining our Buy rating, with our slightly lower $63 TP (vs. $64 previously) based on shares trading an unchanged 17x our new FY17 EPS estimate."
Shares of Dick's Sporting Goods closed at $56.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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