Goldman Sachs Turns Bullish On This Sporting Goods Store Chain, Thanks To Nike

Goldman Sachs analyst Kate McShane upgraded Academy Sports And Outdoors Inc (NASDAQ:ASO) to Buy from Neutral with a price target of $58, up from $47, implying a 34% upside.
The analyst believes consumers have adopted new interests within outdoor, fitness, and sports categories and that this trend "will be sticky" into 2022.
Further, population migration trends seem to favor Academy Sports' current footprint and its established relationship with Nike Inc (NYSE:NKE) is a competitive advantage over less-differentiated competitors, McShane notes.
Price Action: ASO shares are trading higher by 2.09% at $43.41 on the last check Tuesday.