UBS analyst Michael Lasser downgraded Academy Sports & Outdoors Inc. (NASDAQ: ASO) from Buy to Neutral with a price target of $58.00 (from $81.00).

The analyst comments: "Our call is that the stock probably stays in the recent range as: 1) We think the market will likely continue to believe that the company’s FY’24 guidance is too optimistic and could face the prospect of downward estimate revisions; 2) Questions about market share shifts continue to dominate the investment debate; 3) Concerns about unit economics and white space mean the market might not give the model much credit for store openings. Net-net, we think the positive merits and the uncertainties of Academy's investment case balance each other out. This means that the stock has a balanced risk-reward for at least the near-term, in our view."

For an analyst ratings summary and ratings history on Academy Sports & Outdoors Inc. click here. For more ratings news on Academy Sports & Outdoors Inc. click here.

Shares of Academy Sports & Outdoors Inc. closed at $51.69 yesterday.