According to a research report published this morning, J.P. Morgan has increased Dicks Sporting Goods' DKS PT from $51 to $59.
In the report, J.P. Morgan said, "We continue to believe that DKS has a long runway ahead given significant near and long-term sales and margin drivers with a relative valuation discount to comparable growth retailers (20x 2013E vs. 22-23x for TSCO/VSI). Thus, DKS remains our only JPM Analyst Focus List stock. For 2012, we believe DKS is an own-all-year-stock given health and wellness trends, product innovation, weather comparisons, and company-specific sales and margin drivers. Recall, 2Q cycles an advertising hiccup in the outdoor category, and 4Q was the 4th-warmest winter in recorded history."
J.P. Morgan maintains its Overweight rating on Dicks Sport Goods, which closed yesterday at $50.05.
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