UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Dick's Sporting Goods Following Analyst Day

In a report published Thursday, Deutsche Bank analyst Mike Baker reiterated a Buy rating on

, and raised the price target from $52.00 to $58.00. In the report, Deutsche Bank noted, “Key takeaways from Analyst Day. These include our view that near-term trends are improving, that we see mid to high teens earnings growth potential longer term, additional color on the company's new Field & Stream store concept, and that capital allocation may be shifting more towards share repurchases and away from new store growth. We are raising our FY13 and FY14 estimates by several pennies on the new financial guidance, which calls for $10b in total sales (with $1b from ecommerce) and a 10.5% operating margin in FY17. Maintain Buy.” Dick's Sporting Goods closed on Wednesday at $52.71.