Deutsche Bank Upgrades Big 5 Sporting Goods (BGFV) to Buy
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Deutsche Bank upgraded Big 5 Sporting Goods (NASDAQ: BGFV) from Hold to Buy with a price target of $16.50 (from $10.00). Analyst Mike Baker sees market share gains.
"We are upgrading Big 5 Sporting Goods to Buy from Hold for three reasons. These include 1) accelerating sales trends driven by market share gains after competitor liquidations; 2) profitability improvements from better merchandise margins and leverage on stronger sales; 3) higher earnings power from sales and profit increases that we do not yet believe are fully reflected in BGFV’s valuation. Our estimates go to $0.62 and $0.99 from $0.52 and $0.68 for 2016 and 2017 and our price target goes to $16.50 from $10 based on 16.5x our 2017 EPS forecast and our 15% long term EPS growth rate forecast. The biggest risks being increased online competition and rising costs in California," said Baker.
Shares of Big 5 Sporting Goods closed at $13.87 yesterday.
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