Canaccord Genuity Reiterates a 'Buy' on Dick's Sporting Goods (DKS); Results Fine, Guidance Conservative

Canaccord Genuity reiterates a 'Buy' on Dick's Sporting Goods (NYSE: DKS) price target of $58.00.

Analyst, Camilo Lyon, said, "DKS reported solid Q2 adjusted EPS of $0.65 vs. our estimate and consensus of $0.64. Comps of 3.8% beat our 3.5% estimate while gross margin and SG&A were essentially in line with our model. Expectations were for a slightly better comp and EPS; however, the company did increase its full year outlook (now $2.47-$2.51, up 2-3c from last quarter), suggesting a strong start to back to school and Q3. Also, implied Q4 guidance appears conservative to us as the comp suggests a steep 350-500bp two-year deceleration off of the warmest winter in decades. With strong trends in footwear and apparel, new NFL jerseys from Nike (NYSE: NKE), and increasing shop-in-shops, we reiterate our rating and price target."

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 $48.59 yesterday.

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