Dick’s Sporting price target raised to $240 from $200 at Evercore ISI

Evercore ISI raised the firm’s price target on Dick’s Sporting to $240 from $200 and keeps an Outperform rating on the shares. Dick’s first-ever revenue and profit disclosures around its new House of Sport concept was “way better than we expected, and stole the show from what was already a solid 4Q beat” and solid initial 2024 guidance, the analyst tells investors. While noting it is “still super early,” the early numbers suggest about a$2.3B in incremental revenue opportunity on paper, which would represent a 4 point boost to the topline algorithm, the analyst added.