Dick's Sporting Goods rises as UBS turns bullish on earnings growth
** Shares of Dick's Sporting Goods DKS.N up 2.1% to $216.77 early Weds after UBS upgrades retailer to 'buy' from 'neutral'
** UBS raises PT from $225 to $260, implying nearly 23% upside to stock's last close
** DKS will generate more sustainable earnings growth moving forward than it has in the past, which hasn't been fully reflected in the stock, UBS says in note to clients
** Co to flex its "unique competitive position" and further build out its "compelling ecosystem", including addition of 50+ new flagship House of Sport locations over next few years, UBS says
** "As it extends its lead in the athletic footwear, apparel and hardgoods sector, it should draw in more traffic and gain more customer wallet share," UBS writes
** Co early Tues raised its annual sales and profit forecasts after posting Q3 beat, citing strong back-to-school season
** DKS shares on Tues finished session down 1.4% at $212.22, snapping 3-session winning streak
** In other research action, JP Morgan and Truist raised their PTs to $230 and $258, respectively, while Wedbush cut its PT to $215
** Recommendation breakdown of 29 analysts covering DKS is 13 "strong buy" or "buy", 15 "hold" and 1 "sell"; median PT is $240 - LSEG data
** With move on Weds, stock up ~48% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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