Wells Fargo analyst Ike Boruchow raised the price target on Academy Sports & Outdoors Inc. (NASDAQ: ASO) to $56.00 (from $52.00) while maintaining a Equal Weight rating.

The analyst comments "Analyst day lays out opportunity for a regional to nat'l retail story with MSD top-line and LDD Op Margin, with a clean balance sheet and buyback optionality, trading at a discount - but remains a show-me story on the sustainability of positive SSS. Key Big Picture Takes. We come away incrementally positive on the LT drivers of comp, namely the waterfall of new stores entering the comp base and self-help initiatives including rounding out the assortment, strengthening loyalty programs, opportunity for retail media, and developing the still nascent omnichannel; coupled with the refined new- store strategy. That said, ASO remains a show-me story on NT consistency of positive comps in face of a difficult macro for middle-lower income consumers."