Dick's Sporting Goods Inc. (DKS) was upgraded to outperform from market perform at Cowen on the potential for share gains in sneakers. Cowen raised its price target to $50 from $36. A Cowen proprietary survey found that an increasing percentage of respondents said they would head to Dick's Sporting Goods to buy a pair of sneakers, up to 12% in May from 10% average in 2019. Foot Locker Inc. (FL) is still the more preferred retail choice for sneakers, with 23% of May respondents saying they would buy from there. Dick's was the top choice for sporting goods with 35% in May, up from 33% last year, followed by Amazon.com Inc. (AMZN) with 26%. Cowen is also optimistic about the prospects for Dick's e-commerce initiatives, including buy-online-pickup-in-store. Dick's stock is down 2.1% in Wednesday trading, and down 18% for the year to date. The S&P 500 index has fallen 4.3% for 2020 so far.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 24, 2020 10:40 ET (14:40 GMT)
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