Big 5 Sporting Goods (BGFV) Surges as Deutsche Bank Says 'Buy'

Big 5 Sporting Goods (NASDAQ: BGFV) is seeing a strong response to today's upgrade to Buy at Deutsche Bank. Shares are up 12.2% to $15.59.

In the upgrade report, Deutsche Bank's Mike Baker cited: 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.

The firm set a $16.50 price target on BGFV.

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