UPDATE: Imperial Capital Downgrades Dick's Sporting Goods Following 2Q13 Earnings Announcement

In a report published Wednesday, Imperial Capital analyst Lee J. Giordano downgraded the rating on

from Outperform to In-Line, and lowered the price target from $60.00 to $52.00. In the report, Imperial Capital noted, “While we remain confident in the longer-term growth opportunity and see limited downside risk from current levels, we believe the challenging external environment and decelerating sales trends will likely limit upside to the stock in the intermediate term. We still consider Dick's a best-of-breed retailer with talented management, an impressive track record of strong financial performance, and significant organic growth potential. We are lowering our 2013 and 2014 EPS estimates by $0.24 and $0.28 respectively, to $2.62 (+4%) and $3.05 (+16%) following weaker-than-anticipated 2Q results and a more cautious outlook overall.” Dick's Sporting Goods closed on Tuesday at $46.64.