JPMorgan downgraded Academy Sports to Neutral from Overweight with a price target of $53, down from $76. The shares still have limited upside even after the market pullback, the analyst tells investors in a research note. The firm sees ongoing sales headwinds for Academy Sports from hardgoods category pull-forward that it says is now exacerbated by a weakening middle- to-lower income consumer. The company’s assortment is lacking sufficient newness, particularly on the footwear side, contends JPMorgan.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ASO:
- Academy Sports’ upside potential outweights downside risk, says Loop Capital
- Academy Sports (NASDAQ:ASO): Poised for Rapid Expansion, Summer Sales Boost
- AMD initiated, Paramount downgraded: Wall Street’s top analyst calls
- Academy Sports price target lowered to $65 from $75 at Telsey Advisory
- Academy Sports price target lowered to $65 from $80 at Wedbush