Jefferies initiated coverage of Dick’s Sporting with a Hold rating and $211 price target. The analyst seeks a better entry for the shares and clarity on impact from the company’s forthcoming competitive encroachment. The firm would like to see evidence of Dick’s core sports participation re-accelerating, the Nike (NKE) relationship not impacted as the shoe maker pursues a potentially broader wholesale distribution, and its ability to fend off encroachment from specialty concepts in expansion mode.
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