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Citigroup Reaffirms Rating for Dicks Sporting Goods (DKS)

By: Dividend.com
Posted: 12/13/2012 8:39:00 AM
Referenced Stocks: DKS

Citigroup reported on Thursday that they have reaffirmed both their rating and their price target for sporting goods retailer, Dicks Sporting Goods Inc( DKS ).

The firm reported that they have maintained their "Buy" rating and $58 price target on DKS. This price target suggests a 18% increase from the stock's current price of $47.17.

An analyst from the firm noted, "DKS announced changes today to its e-commerce deal with 3rd party provider GSI Commerce, which was acquired by eBay last year. The agreement, which was previously set to expire in February 2024, is now ending January 2017. As a reminder, DKS took over operating responsibility (merchandise procurement, assortment, and pricing) in Feb 2009, while GSI has remained responsible for web hosting, maintenance, fulfillment, and customer service."

Dicks Sporting Goods shares were mostly flat during premarket trading Thursday. The stock is up 28% YTD.

The Bottom Line
Shares of Dicks Sporting Goods ( DKS ) have a 1.06% dividend yield, based on last night's closing stock price of $47.17. The stock has technical support in the $42-$45 price area. The stock is trading near the all-time highs of $52-$54 a share.

Dicks 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 .