JPMorgan raised the firm’s price target on Academy Sports to $87 from $55 and keeps an Overweight rating on the shares ahead of the Q4 earnings report. The firm raised its Q4 same-store-sales forecast to down 3% with an above-consensus margin estimate, driven by clean inventory, a relatively rational promotional environment, lingering freight benefits, and a vendor allowance shift from Q3. However, the analyst sees a “tricky” share setup into the print. While Academy’s valuation is supportive, the outcome “feels more binary with potential froth at the high end of expectations,” says JPMorgan.
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