Citi Reiterates 'Buy' Rating on Dick's Sporting Goods (DKS), Sees Attractive Entry Point
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Citi reiterates a 'Buy' rating on Dick's Sporting Goods (NYSE: DKS). Price target $30.
Citi analyst says, "We continue to expect the remainder of FY09 to be challenging for DKS as the company faces tough y/y comparisons, weaker samestore sales & traffic trends due to macro pressures, and heavier promotional activity to clear inventory. While street expectations for Q2 are low, we think there could be further downside risk for the stock in the near-term if the company misses expectations and/or needs to lower FY09 guidance...Despite near-term pressures, DKS’ long-term story (including double digit sq.ft growth annually, cleaner inventories, and margin expansion opptys) remain in tact in our view. While the stock will likely trade in a tight range through the end of the year, we think DKS remains a solid investment for the LT, and the stock below $20 provides an attractive entry point."
Dick’s Sporting Goods, Inc. (Dick’s) is a full-line sporting goods retailer that offers an assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment.
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