UPDATE: Morgan Stanley Initiates Dick's Sporting Goods at Equal-Weight on Full Valuation
Morgan Stanley initiates its coverage on Dick's Sporting Goods (NYSE: DKS) with an Equal-weight rating.
Morgan Stanley notes, "Our AlphaWise survey gives us confidence that the apparel and footwear cycle has legs and we expect DKS to capitalize near term. However, valuation reflects strength and longer-term concerns on store productivity, competition in new geographies and e-commerce temper our enthusiasm."
DKS closed at $46.44 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.