Wedbush Starts Dick's Sporting Goods (DKS) at Outperform
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Wedbush initiates coverage on Dick's Sporting Goods (NYSE: DKS) with a Outperform rating and a price target of $65.00.
Analyst Christopher Svezia commented, "We are initiating coverage of Dick’s Sporting Goods (DKS) with an OUTPERFORM rating and $65 PT or 17x P/E, or just under a 10% premium with its five-year average. It is no secret that while DKS will likely be the largest beneficiary to TSA’s demise, we believe the Street is still broadly underestimating the potential benefit over the next 18-24 months. In addition, the absence of a major competitor will likely mean that DKS gains leverage with its vendors in terms of product allocation and capital investment."
Shares of Dick's Sporting Goods closed at $54.67 yesterday.
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