Oppenheimer analyst Brian Nagel raised the firm’s price target on Dick’s Sporting to $175 from $138 and keeps an Outperform rating on the shares as Q4 top expectations. The firm notes that data suggest Dick’s Sporting is managing "remarkably well" a more challenged, post-pandemic backdrop, within athleisure and consumer, broadly. As we look through 2023, Oppenheimer are more upbeat that gradually recovering gross margins should complement solid, albeit still muted sales growth, to drive outsized EPS expansion at Dick’s Sporting. Over time, the firm expects investors to award shares a higher multiple, reflecting better underlying structural enhancements to the company’s operating disciplines.
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