Piper Jaffray Raises Price Target on Dick's (DKS) from $49 to $53, Reiterates Overweight

Piper Jaffray's Sean Naughton lifted his price target on shares of Dick's Sporting Goods (NYSE: DKS) from $49 to $53 Monday morning. Naughton reiterated an Overweight rating.

According to a recent consumer survey done by Piper Jaffray, about 38 percent of respondents called Dick's their favorite sporting goods store. This was more than 3 and a half times above the next closest store.

The Piper Jaffray analyst pointed at an early Spring season and improving merchandising in the camping segment as driving sales moving forward. Naughton believes footwear sales at Dick's could account for 20 percent this year, up from 18 percent of total sales in 2011.

With shares of Dick's down 0.2 percent to $45.43 at last check, Piper Jaffray's new price target suggests potential upside of about 17 percent.

For an analyst ratings summary and ratings history on Dicks Sporting Goods click here. For more ratings news on Dicks Sporting Goods click here.

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