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Ahead of the Bell: Dick's Sporting Goods upgraded
(Associated Press Via Acquire Media NewsEdge) NEW YORK -- An analyst lifted his rating for Dick's Sporting Goods on Monday after a recent decline in the stock price.
Eric Tracy of Janney Capital Markets said in a client note that he believes problems that have squeezed shares recently are temporary. While warm weather in December may weigh on the company's fourth-quarter results, he is upbeat about the coming year.
He said growth in online sales, the roll-out of mini-shops of popular brands like Nike and The North Face within Dick's Sporting Goods stores and an increased focus on more profitable products should help drive profits.
Tracy raised Dick's Sporting Goods Inc. to "Buy" from "Neutral" and maintained a $56 price target.
Shares were inactive in premarket trading Monday. They closed at $47.97 Friday, down 8 percent over the past three months. They're still up 38 percent in the last 52 weeks.
(c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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