UPDATE: Bank of America Raises PO on Dick's Sporting Goods on Strong Holiday Traffic

In a report published Friday, Bank of America analyst Robert Ohmes raised Dicks Sporting Goods, Inc. (NYSE: DKS) price objective from $65.00 to $68.00.

According to the report, the raise is 18 to 19 times their F16 EPS estimate of $3.60. BofA’s outlook is supported by DKS’s sustainable long-term double digit percent EPS growth outlook.

“Dick’s Sporting Goods appeared to maintain strong traffic throughout the Holiday period supported by an increased TV/digital marketing effort and store payroll investments,” the report said. “SportScan data indicates key categories at DKS (where we believe DKS has industry leading allocations) were strong in the high volume November-to-date period (week ending 12/21), including: athletic apparel (+16%), outerwear (+10%), compression (+22%), Nike apparel (+19%), and Under Armour apparel (+46%). DKS remains our top pick following our post-Holiday store checks. DKS remains our top pick following our post-Holiday store checks.”

DKS closed Thursday at $57.67.