I have said before that the mngnt, employees and business model of DKS are firing on all cylinders. Perhaps that is why the upgrades are happening for DKS.
Mawchek, in his post titled '4Q2010 CC', posted similar comments and recommended people listen to the DKS conf call. He also acknowledged the high valuation.
As for me, I've made many mistakes not buying in to good growth stocks because their valuation was high. After missing many good growth stocks I have begun to slowly accumulate stocks like DKS.
Over time these type stocks can become very good investments. IMO, DKS at $38 today will be considered a bargain in 2-3 years. Assuming, of course, that the world doesn't end [as of new predictions] on 10-21-11.