Canaccord Raises PT on Dick's Sporting Goods to $50

Canaccord has published a research report on Dick's Sporting Goods (NYSE: DKS) after the company reported impressive 3Q results.

In the report, Canaccord writes, "DKS reported impressive Q3 results as stronger comps and gross margin drove the upside. Q3 adjusted EPS of $0.32 comfortably beat our estimate of $0.25 and consensus of $0.26. As we expected, DKS continues to leverage the strength of athletic footwear/apparel as well as the Team Sports category while also driving structural gross margin improvements. We reiterate our BUY rating on the shares."

Canaccord maintains its Buy rating and has raised the price target from $43 to $50 on Dick's Sporting Goods, which closed yesterday at $41.41.