Academy Sports price target lowered to $65 from $80 at BofA

BofA analyst Robert Ohmes lowered the firm’s price target on Academy Sports to $65 from $80 and keeps a Buy rating on the shares as the firm lowers its multiple applied to FY25 EPS estimates to reflect potential for same-store sales softness in fiscal Q3 given weakness in credit and debit card data. The firm, which also noted that Academy announced that President Michael Mullican resigned and did not reiterate guidance as part of the press release, doesn’t believe Academy was promotional to drive traffic in lower volume periods in Q3.