Wells Fargo Upgrades Dick's Sporting Goods (DKS) to Outperform; Multitude of Identifiable Catalysts

Wells Fargo upgraded Dick's Sporting Goods (NYSE: DKS) from Market Perform to Outperform with a price target range $52-55 (from $49-52).

Analyst, Matt Nemer, said, "Our more favorable view is based on: (1) A number of identifiable catalysts over the next 12 months which could lead to further upside potential to our above consensus estimates; (2) Our proprietary point of sale data which points to a reacceleration in sales within the athletic apparel and outdoor/hunting/fishing categories in May, and (3) the recent pullback in the shares which makes valuation look more compelling. While we still have longer-term concerns including a more aggressive effort by Amazon in the category as well as the company's large store format and unit growth as sales shift online, our deep-dive analysis suggests Dick’s is currently well positioned against Amazon, and the company remains significantly underpenetrated in many geographic areas."

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 $45.61 yesterday.

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