UPDATE: Goldman Sachs Upgrades Dick's Sporting Goods to Conviction Buy on Attractive Risk/Reward

Goldman Sachs upgraded Dick's Sporting Goods

from Buy to Conviction Buy and lowered the price target from $57.00 to $53.00. Goldman Sachs noted, "We add DKS to the CL, returning it to the list after having removed it on December 10. Risks associated with a choppy 4Q and a tough 1Q guide have played out, if anything worse than we expected, but a lower multiple (recent trough), a higher core DKS store target (aided by an effective smaller format), and a visible capital allocation strategy more than offset negatives, including modest incremental investment and the distraction and cost associated with two new concepts." Dick's Sporting Goods closed at $45.11 on Monday.