Oppenheimer Reiterates Outperform on Dick's Sporting Goods after Q4 Results, FY13 Guidance

In a report published Monday, Oppenheimer reiterated its Outperform rating and $58.00 price target on Dick's Sporting Goods

. Oppenheimer noted, “We do not view the Q4 (Jan. 2013) results and initial FY13 (Jan. 2014) guidance that DKS reported nearly as bad as headlines and a pre-market pullback in the shares might suggest. Erratic weather and ongoing struggles in the fitness equipment category offset sales strength elsewhere and caused trends to modestly miss Street expectations. DKS ended FY12 (Jan. 2013) with seemingly clean inventories. Q1 (Apr.) expectations are now appropriately subdued. Sales comparisons for the chain ease through 2013. We recommend investors use any weakness in DKS today as a buying opportunity.” Dick's Sporting Goods closed on Friday at $50.60.