UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Dick's Sporting Goods Following Analyst Day Presentation

In a report published Friday, Morgan Stanley analyst David Gober reiterated an Overweight rating on Dick's Sporting Goods DKS, and raised the price target from $58.00 to $59.00. In the report, Morgan Stanley noted, “We remain Overweight [on] DKS and are incrementally more positive after the analyst day. We believe DKS provided reasonable, yet positive targets for ‘17 and mgmt clearly appeared encouraged by recent trends. We expect top-line and gross margins to drive 20-25% EPS growth in 2014 and see room for upward revisions (we are 7% above Street for ‘14).” Dick's Sporting Goods closed on Thursday at $53.21.