Dick's Sporting Goods (DKS) PT Raised to $47 at Nomura/Instinet on Financials Rebound but Sustainability is Key Before Upgrade

Nomura/Instinet analyst Michael Baker raised the price target on Dick's Sporting Goods (NYSE: DKS) to $47.00 (from $42.00) after the company reported 3Q comps up 6%, the best comp in 6 years.

The analyst reiterated the Neutral rating stating "The impressive comp growth was helped by cycling past the exit of hunting ($250mn, hunting and related sales) and the exit of electronics, which could have been ~50ps. Also, although they’ve always had vendor support, that seems to be increasing". He went on to say "we continue to think investors should not get ahead of themselves. We believe DKS now needs to sustain comps against tougher comparisons and drive a sustained turnaround in
margins after being down six years in a row. Absent greater conviction that improvement is indeed sustainable, we remain sidelined".

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