Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
“The Sale Hearing associated with The Sports Authority’s (TSA) bankruptcy process was held on Friday, July 15, 2016,” according to the Goldman Sachs report.
Goldman Sachs’ Stephen Tanal maintains a Buy rating on Dicks Sporting Goods Inc (NYSE: DKS), with a price target of $53.
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Best-Case Outcome
Tanal mentioned that the court has approved the sale of TSA and Dick's Sporting Goods’ purchase of the leasehold interests in 31 former TSA stores, along with TSA’s intellectual property.
“TSA’s sale hearing confirmed what we view as a best-case outcome for DKS,” the analyst stated.
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A large majority of TSA stores are to close and Dick's Sporting Goods will gain access to valuable customer information as well as control of TSA’s website.
Dick's Sporting Goods intends to buy only a small number of “cherry picked” TSA sites that will complement the former company’s footprint, and the analyst expects these sites to be retrofitted as Dick's Sporting Goods stores.
Best Positioned To Gain Share
“We continue to believe that DKS is best-positioned to gain share in a post-TSA world; 37 percent of DKS stores have 1+ TSA within 10 miles, and 63 percent of TSA stores have a DKS within 10 miles,” Tanal noted.
Tanal believes the share gains from the closure of TSA stores would coincide with easy 4Q compares, building into 2017, as Dick's Sporting Goods in-sources key back-end operations for its e-commerce business.
This in turn would rebase profit margins higher and drive meaningful earnings growth acceleration.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.