Jefferies lowered the firm’s price target on Academy Sports to $64 from $68 and keeps a Buy rating on the shares. Despite the Q2 comp miss and fiscal year guidance cut, positive August comps and strength within the adult and outdoor categories increases management confidence in a broad based second half recovery, the analyst tells investors. The firm finds shares attractive, citing what it sees as a low multiple, low investor expectations, and “achievable” updated FY24 guidance, the analyst added.
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