UBS Maintains a 'Buy' on Dick's Sporting Goods (DKS); Excess Cash Being Worked

UBS maintains a 'Buy' on Dick's Sporting Goods (NYSE: DKS) price target raised from $53 to $54.

UBS analyst said, "DKS made a strategic investment in JJB Sports where it spent £18.75m for convertible notes & £1.25m for ordinary shares in this UK retailer. DKS has the right to build its ownership to 58% for an additional £20m in ‘13. Separately, DKS spent $20m to acquire the Top-Flite brand from Callaway (NYSE: ELY). Products from this brand are currently available at DKS, Golf Galaxy, & many other retailers."

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 $48.65 yesterday.

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