Academy Sports & Outdoors Inc. (ASO) PT Lowered to $70 at B.Riley

B.Riley analyst Anna Glaessgen lowered the price target on Academy Sports & Outdoors Inc. (NASDAQ: ASO) to $70.00 (from $72.00) while maintaining a Buy rating.

The analyst comments "This morning, ASO (Buy, $70 PT) reported F1Q results that fell below Street expectations, which we largely attribute to a pressured consumer, with the comp delta to DKS (NR) likely exacerbated by a lack of assortment in high-heat footwear brands (Hoka, On). We're encouraged by another positive quarter in Outdoor and expect a rejuvenated Fitness assortment to benefit Sports & Recreation. Looking ahead, we expect the company will benefit from investments in newness, clear value messaging, and efforts to drive traffic around key selling periods/events. We tweak our FY24 estimates lower as we flow through F1Q and assume less sequential comp improvement in F2Q. We trim our PT from $72 to $70."

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