UPDATE: Sterne Agee Bullish on Dick's

In a report issued Wednesday May 14, Sterne Agee analyst Sam Poser previews the Dick's Sporting Good Inc.

Q1 report with an optimistic Buy rating and $64 price target. Poser sees the recent sell off creating a buying opportunity, giving Dick's an attractive valuation. In addition, Poser estimates a Q1 EPS of $0.54 rather than the $0.51-$0.53 range offered in the comapany's guidance. The analysts at Sterne Agee also see initiatives such as increased marketing spending and more competitive opening pricing points driving successful results. Dick's was down 0.55% to $52.47 at last checked trade in Wednesday's session.