Wells Fargo Starts Dick's Sporting Goods (DKS) at Market Perform; Just Waiting For a Pullback

Wells Fargo initiates coverage on Dick's Sporting Goods (NYSE: DKS) with a Market Perform. PT range raised from $48-51.

Wells analyst said, "Dick's is a world-class retailer in a sector with strong tailwinds and is surprisingly well positioned against Amazon (Nasdaq: AMZN). In addition to 7% square footage growth, we see multiple growth opportunities from new systems, eCommerce, and a handful of external comp drivers in 2012. While we believe this is largely reflected in the shares at 19.4x 2012E EPS, Dick's would be high on our wish list on any significant pullback, all else being equal."

For an analyst ratings summary and ratings history on Dick's Sporting Goods click here. For more ratings news on Dick's Sporting Goods click here.

Shares of Dick's Sporting Goods closed at $47.83 yesterday.

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