Telsey Advisory Group analyst Cristina Fernández initiated coverage on Academy Sports and Outdoors Inc (NASDAQ:ASO) with an Outperform rating and a price target of $72. The rating is based on a P/E multiple of ~9.0x applied to the projected 2024 EPS estimate of $8.00. The analyst views ASO as a growth story driven by market share gains as the company expands in existing and new markets. The stock's low valuation reflects the negative comp trend that began in 1Q22, expected to persist until 4Q23. However, the analyst expects a return to growth and stable profitability in 2024.