Academy Sports initiated with an Outperform at Cowen

Cowen initiated coverage of Academy Sports (ASO) with an Outperform rating and $72 price target. The firm’s survey work points to Dick’s (DKS) and Academy controlling about 40% of the total sporting goods category shopping preference, the analyst tells investors. The firm sees Academy’s same-store sales inflecting to positive by Q3 and models above consensus EPS through FY24, the analyst added.