Sterne Agee downgraded Dick's Sporting Goods (NYSE: DKS) from Buy to Neutral following weak Q1 results and outlook

Analyst Sam Poser states, "Downgrading from Buy to Neutral as weak golf and hunting businesses overwhelm strength of women's & youth athletic apparel, footwear and team sports. Weakness in golf and hunting is expected to continue throughout the year and is reflected in the reduction of the FY14 EPS & SSS guidance from $3.03-$3.08 & +3%-4% to $2.70-$2.85 & +1%-3%. We do not understand how the SSS of +1.5% in 1Q14 were so much weaker than the guidance for +3%-+4% provided on March 11."

The firm is lowering FY14 & FY15 EPS estimates from $3.17 & $3.75 to $2.84 & $3.39. They are lowering FY14 SSS estimate from +3.7% to +2.5%.

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Shares of Dick's Sporting Goods closed at $53.16 yesterday.