Dick's Sporting Goods Upgraded To Buy At Canaccord

Dick's Sporting Goods, Inc. was upgraded to buy from hold at Canaccord Genuity and its price target raised to $48 from $46. The bank believes Dick's is set to outperform over the coming year after announcing third-quarter results that missed estimates and lowering its fourth-quarter guidance. The bank believes Dick's is now able to better manage markdowns and inventory, and there are areas where it can drive growth, including footwear and apparel, where it has had comp gains, and in golf, where it is stabilizing. "Easy comparisons" for 2016 along with the Olympics are anticipated to drive resurging demand. Dick's shares are down 12.5% for the month so far while the S&P is up 0.5% for the same period.

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