UPDATE: Canaccord Genuity Raises PT to $59 on Dick's Sporting Goods On Strong Q3 and Guidance

Canaccord Genuity reiterated its Buy rating on Dick's Sporting Goods DKS and increased its price target from $58 to $59. Canaccord Genuity commented, "DKS reported a clean Q3 beat of $0.40 vs. our/consensus of $0.36/$0.37. Impressive gross margin expansion of 123bps coupled with a stronger comp (+5% vs. our +4% est.) drove the beat. In our view, DKS is outperforming the competitive set despite choppy trends in retail. Moreover, we believe DKS is well positioned to drive significant upside to Q4 comp and EPS should winter arrive." Dick's Sporting Goods closed at $51.43 on Tuesday.