Dick’s Sporting price target raised to $165 from $135 at Morgan Stanley

Morgan Stanley analyst Simeon Gutman raised the firm’s price target on Dick’s Sporting to $165 from $135 and keeps an Overweight rating on the shares. While acknowledging that there are "few examples of retailers that have successfully changed their sales/margin profiles," Gutman said Dick’s "could be one of the rare few" if it retains the majority of its COVID-driven sales and margin gains. While the market is unconvinced higher sales and margins are sustainable, he argues that the market is missing the structural changes Dick’s made pre-COVID that should lead to a faster-growing, more profitable business.