UPDATE: Monness Crespi Hardt Upgrades Dick's Sporting Goods to Buy, Names $61 PT on 4QFY12 Miss

In a report published Wednesday, Monness Crespi Hardt analyst Jim Chartier upgraded his rating on Dick's Sporting Goods

from Neutral to Buy, and named a $61.00 price target. In the report, Chartier noted, “We believe the company's 4QFY12 miss and slow start to 1QFY13 are due to transitory factors (weather and negative response to Livestrong brand), not structural issues. We expect comps will return to the low to mid-single digit range in 2QFY13 as key comp and margin drivers remain in place. In the past few years, weather related weakness in DKS shares has provided excellent buying opportunities. The stock is trading toward the low end of its historical valuation range and DKS remains one of the best square footage stories in retail. Our $61 price target is based on 18.5x our FY14 EPS estimate of $3.30.” Dick's Sporting Goods closed on Tuesday at $47.32.