Dick's Sporting Goods Emerges As A Promising Buy: Analyst Cites Strong Ties With Nike, On Holding & More
Portfolio Pulse from Nabaparna Bhattacharya
Truist Securities analyst Joseph Civello initiated coverage on Dick's Sporting Goods Inc (DKS) with a Buy rating and a price target of $134, citing strong ties with Nike (NKE) and On Holding AG (ONON). Despite a 22% drop in DKS shares since 2Q23 EPS, the analyst sees a buying opportunity, highlighting the company's structural improvements and partnerships with major sports apparel/footwear vendors. The EPS estimates for FY23 and FY24 are $11.95 and $12.45, respectively. DKS shares rose 2.91% to $118.71 recently.
November 17, 2023 | 8:27 pm
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Truist Securities analyst Joseph Civello initiated coverage on Dick's Sporting Goods with a Buy rating and a $134 price target, indicating a positive outlook for the company's stock.
The initiation of coverage with a Buy rating and a high price target suggests strong analyst confidence in DKS's future performance, especially considering the recent share price drop and the company's strategic partnerships.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Nike continues to emphasize the importance of its partnership with Dick's Sporting Goods, which is expected to expand, potentially benefiting Nike's distribution and sales.
The article mentions Nike's ongoing partnership with Dick's Sporting Goods and the expectation of its expansion, which could lead to increased sales and distribution opportunities for Nike.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
On Holding AG has a strong and growing relationship with Dick's Sporting Goods, which could enhance its market presence and sales through this key retail channel.
The article highlights On Holding AG's positive remarks about its relationship with Dick's Sporting Goods, suggesting potential benefits for ONON's brand presence and sales in the sporting goods retail space.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60