Dick's Sporting Goods (DKS) PT Raised to $248 at Truist Securities

Truist Securities analyst Joseph Civello raised the price target on Dick's Sporting Goods (NYSE: DKS) to $248.00 (from $230.00) while maintaining a Buy rating.

The analyst commented: "Solid 2Q & guide offset by cloudier GM% commentary; we remain bullish on DKS’ competitive moat; DKS’ momentum remains robust with strength across categories, and their customers have continued to shop despite the broader macro choppiness/higher prices. Notably, the company slightly raised the 2H outlook vs. their initial internal expectations. However, shares were down ~MSD% today (S&P ~flat) as the GM% outlook got a little cloudier with DKS now only formally projecting a YOY GM% expansion vs. previously guiding to +75bps. That said, they still expect their GM/merch margin expansion to accelerate in 2H vs 1H. We continue to believe DKS differentiated assortments, resilient customer base, and key initiatives should continue to drive upside. PT to $248 from $230."

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