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Canaccord Genuity Reiterates “Buy” on Dick’s Sporting Goods; Estimates Raised on Solid Comps (DKS)

By Dividend.com,  June 21, 2012, 09:24:30 AM EDT

Sporting goods retailer Dick's Sporting Goods, Inc ( DKS ) on Thursday caught some continued bullish support from analysts at Canaccord Genuity.

The firm maintained its "Buy" rating and $58 price target for DKS, suggesting a 19% upside to the stock's Wednesday closing price of $48.58.

A Canaccord Genuity analyst commented, "While trends in sporting goods appear to have moderated from the torrid pace set in Q1, our recent channel checks indicate DKS trends are likely running at or above the high end of its 2-3% comp guidance. Given our checks and consistent innovation provided by key vendors (e.g. Under Armour ( UA ) and Nike ( NKE )), we believe DKS can achieve, and likely beat, its Q2 comp guidance. As such, we are raising our Q2 comp/EPS estimate to 3.5%/$0.64 from 3.0%/$0.63. With the central points to our thesis intact (e.g., comp outperformance and an improving gross margin throughout 2012) we reiterate our rating."

Dick's shares were mostly flat in premarket trading Thursday.

The Bottom Line
Shares of Dick's Sporting Goods ( DKS ) have a 1.03% dividend yield, based on last night's closing stock price of $48.58. The stock has technical support in the $44-$45 price area. The shares are trading near all-time highs.

Dick's Sporting Goods, Inc ( DKS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: DKS, NKE, UA



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