Janney Lowered Target on Dicks to $57, Cut Q2, FY13, FY14 Estimates Amid Increased Promotions

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Shares of Dicks Sporting Goods
DKS
pushed into positive territory Wednesday afternoon despite some concern from Janney Capital's Eric Tracy in an earlier note. After trading unch or negative throughout the morning session, Dicks shares are now up 0.7 percent to $49.60. Tracy reduced his Q2, FY13 and FY14 estimates for the company, and subsequently lowered his price target from $59 to $57. His Q2, FY13 and FY14 EPS estimates moved from $0.75, $2.86 and $3.30 to $0.73, $2.84 and $3.26. Tracy cited recent channel checks which seem to suggest traffic could be harmed following a larger-than-normal level of promotion following mild weather and rain over the spring. The analyst maintains a Buy rating on Dicks shares.
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