Susquehanna Lifts PT on Dick’s Sporting Ahead Of 2Q Results
Susquehanna raised the price target on Dick’s Sporting Goods amid expectations that 2Q results will outperform. Shares of Dick’s Sporting are advancing 2.1% in Tuesday's early market trading.
Susquehanna analyst Sam Poser lifted the price target on Dick's Sporting (DKS) to $59 (26.5% upside potential) from $55 and maintained a Buy rating on the stock, saying the company should easily beat Street expectations for 2Q results.
Poser noted that the “recent pre-announcements from HIBB [Hibbett Sports] and FL [Foot Locker] are prequels for very strong 2Q20 results from DKS, which are scheduled for August 26."
Besides Susquehanna, Goldman analyst Kate McShane increased her price target to $50 (7.2% upside potential) from $40 on Aug. 4. McShane kept a Buy rating, saying that the stock's 23% rally over the past month is driven by “optimism around discretionary retail amid stronger trends in outdoor, fitness and athleisure as consumers look for ways to stay active during COVID.” She added that “there could be additional upside and increased estimates on Dick's same-store-sales momentum.”
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 7 Buys and 8 Holds. Shares are down 3.4% year-to-date, with the average price target of $44.5 implying downside potential of 4.6%. (See DKS stock analysis on TipRanks).
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