Academy Sports & Outdoors Inc. (ASO) PT Raised to 'Street High' $32 at Wells Fargo
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Wells Fargo analyst Tom Nikic raised the price target on Academy Sports & Outdoors Inc. (NASDAQ: ASO) to a 'Street High' $32.00 (from $23.00) while maintaining an Overweight rating following results.
The analyst commented, "Underappreciated momentum coupled with a "self-help" story makes for a compelling long thesis. While the momentum in the sporting goods category has been well understood by investors, we believe that most investors aiming to play this story have gravitated to industry leader DKS rather than ASO (heading into the print, DKS traded at 15x NTM consensus EPS vs. ASO at 10x). We believe that ASO has all the macro tailwinds that DKS currently has, but they're also benefiting from the "self-help" sales/margin/balance sheet strategies put in place by their strong management team (CEO Ken Hicks and CFO Michael Mullican). Thus, we believe that ASO's discount to its larger peer presents a compelling investment opportunity. Raising FY21/FY22 EPS estimates to $2.92/$3.22 (from $2.20/$2.56), and our 12-month PT moves to $32 (from $23) based on 10x our FY22E EPS."
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