Dick's Shares Down 4% Over Last Two Sessions; Oppenheimer Says Buy The Dip

With shares of Dicks Sporting Goods Inc DKS down 4 percent over two sessions following sell-side criticism, Oppenheimer recommends traders view this as an entry point for near-term growth.

"We recommend investors with any eye towards 2017 use today's weakness in DKS shares as a buying opportunity," said the firm.

Oppenheimer added that they don't disagree with "longer-term concerns," but believe that analysts who maintain negative long-term ratings are ignoring near-term and transitory positives for Dick's. The firm sees easing comp sales comparisons and the potential for more seasonable weather as an opportunity for Dick's to gain market share and prop up near-term sales trends.

"The basis of our now more optimistic shorter-term outlook for DKS is our view that the chain is uniquely well-positioned to capitalize upon recent, significant competitive dislocations in the Sporting Goods Sector," said the firm.

In a September 15 report, Oppenheimer analysts upgraded their rating for Dick's to Outperform and set a price target of $75.