Goldman Sachs Raising Price Target On Dicks Sporting Goods (DKS)
Goldman Sachs is raising its price target on shares of Dicks Sporting Goods (NYSE: DKS) after seeing vendor strength and positive commentary surrounding the sporting goods space. It has a $32 target, up from $29.
In the report Goldman says, "We stand 2c above consensus, and above management's $0.37-$0.39 guidance, on slightly higher sales and solid cost control. Our 4.7% overall SSS estimate straddles guidance of 4.5%-5.0%. This is based on "core" DKS comps of 4.5% and GGXY of 5.0%. Vendor results and commentary generally point to strength across the space, with little of the deceleration evident in our covered durables categories. Furthermore, management's typically conservative guidance gives us more confidence in our numbers."
Shares of Dicks Sporting Goods are down 48 cents to $27.39 in a broadly lower market.
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