Shares of Dick's Sporting Goods (DKS) Trade up on ThinkEquity Upgrade, Boosts Price Target to $42

Shares of Dick’s Sporting Goods (NYSE: DKS) are trading up 1.13 percent in the morning hours of trading as ThinkEquity upgraded shares of DKS to a Buy rating from its previous rating of Hold. The firm also raised its price target on the shares from $35 to $42.

An analyst at the firm comments Dick’s will report strong second half figure given the challenging market conditions. Management is also doing a great job of expanding its number of storefronts while strengthening its balance sheet.

ThinkEquity does not forecast any major acquisitions in the near term, but does state that the initiation of a dividend or buyback plan does seem justifiable. With shares of DKS trading under is historical average P-E ratio, the firm notes that now is a good time to Buy.

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