UPDATE: Sterne Agee Upgrades Dick's Sporting Goods from Sell to Neutral

Sterne Agee has published a research report on Dick's Sporting Goods

raising the rating from Sell to Neutral. In the report, Sterne Agee wrote, "At yesterday's closing price, DKS is trading at PE multiple of 13.6X ex cash our 2012 EPS estimate. In 1Q09 DKS traded at 13.1X, ex cash, the forward year estimates and the economic state of mind of the consumer is, while not great, far better now than it was then." Sterne Agee upgraded Dick's Sporting Goods from Sell to Neutral with no price target given. Dick's Sporting Goods closed Tuesday at $32.78.