Dick's Sporting Goods (DKS) PT Raised to $265 at DA Davidson

DA Davidson analyst Michael Baker raised the price target on Dick's Sporting Goods (NYSE: DKS) to $265.00 (from $250.00) while maintaining a Buy rating.

The analyst commented: "With the double digit stock increase on the 1Q24 print, DKS stock is now up 55% YTD. But with estimates continually going up due to double digit EPS beats in each of the last three quarters, with the implied rest of the year guidance looking beatable, and with the multiple still below peer averages, we think there is still room to go for this BUY rated name. Fundamentally, we think the results over the past few quarters continue to show that margins are structurally higher than they were prior to the pandemic. So, while COVID-19 did help DKS, this turnaround is built on much more and we think should be rewarded with a higher multiple. Our price target goes to $265 from $250, and is now based on 18.5x our 2025 EPS forecast."

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