Truist Securities has maintained a bullish stance on Dick's Sporting Goods (NYSE:DKS) shares, reiterating a Buy rating with a consistent price target of $256.00.
The firm's analysis followed a recent discussion with the management of Dick's Sporting Goods, leading to a slight adjustment in financial projections for the retailer.
The revised forecast by Truist Securities indicates a modest reduction in the second half non-comparable sales expectations for the fiscal year 2024, now estimating revenues to be around $13.3 billion, a slight dip from the previous forecast of approximately $13.4 billion.
Additionally, the pre-opening expense estimate for the fiscal year has been increased to $66 million, up from the former expectation of $62 million.
As a result of these adjustments, Truist Securities has updated its fiscal year 2024 earnings per share (EPS) estimate to $14.00, a small decrease from the prior estimate of $14.05.
Despite this minor revision, the firm has left its fiscal year 2025 EPS forecast unchanged at $15.00. Looking further ahead, Truist Securities has introduced its fiscal year 2026 forecasts, which include an anticipated EPS of $16.30.
In other recent news, Dick's Sporting Goods has been the focus of multiple analyst reviews following robust Q2 results. TD Cowen held a Buy rating on the company, confident in its growth potential for FY25.
The firm maintained a steady price target of $270.00, emphasizing the company's strategic investments and expansion efforts, including the expansion of House of Sport and Field House locations.
Loop Capital, despite maintaining a Hold rating, increased the price target to $220.00 in light of strong Q2 results. Baird also held its Neutral rating, keeping a steady price target of $235.00, acknowledging the company's strong performance but noting a modest increase in the FY24 EPS forecast.
Williams Trading reaffirmed its Buy rating with a steady price target of $250.00, expressing confidence in the company's future growth. BofA Securities increased its price target to $250.00, maintaining a Buy rating, following the company's surpassing of Q2 earnings expectations.
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