UPDATE: Credit Suisse Downgrades Dick's Sporting Goods to Neutral, Lowers PT on Lower Expectations

In a report published Wednesday, Credit Suisse analyst Seth Sigman downgraded the rating on

from Outperform to Neutral, and lowered the price target from $65.00 to $49.00. In the report, Credit Suisse noted, “Our target price goes to $49, 15x our new 2015 EPS estimate of $3.32. Following yesterday's sell off, the stock appears cheap, even on our revised 2015 number (at 13x), and expectations are now lower. The stock has also been able to bounce off of this level in the past. However, the roadmap to stronger comps and GMROI, two key drivers of this stock historically, is less clear now, and the comparisons get more difficult in 2H. In our view, that may push this investment story out into 2015.” Dick's Sporting Goods closed on Tuesday at $43.60.