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June 24, 2020, 10:41 a.m. EDT

Dick's Sporting Goods upgraded on potential market share gains in sneaker sales

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By Tonya Garcia

Dick's Sporting Goods Inc. /zigman2/quotes/200566298/composite DKS +0.09% 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. /zigman2/quotes/204092533/composite FL -1.74% 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. /zigman2/quotes/210331248/composite AMZN -0.41% 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 /zigman2/quotes/210599714/realtime SPX -0.02% has fallen 4.3% for 2020 so far.

/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 46.31
+0.04 +0.09%
Volume: 1.45M
Aug. 14, 2020 4:00p
P/E Ratio
45.23
Dividend Yield
2.70%
Market Cap
$4.14 billion
Rev. per Employee
$186,650
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/zigman2/quotes/204092533/composite
US : U.S.: NYSE
$ 28.73
-0.51 -1.74%
Volume: 3.33M
Aug. 14, 2020 4:00p
P/E Ratio
14.42
Dividend Yield
0.00%
Market Cap
$2.99 billion
Rev. per Employee
$161,332
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,148.02
-13.00 -0.41%
Volume: 2.75M
Aug. 14, 2020 4:00p
P/E Ratio
121.00
Dividend Yield
N/A
Market Cap
$1576.81 billion
Rev. per Employee
$359,671
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/zigman2/quotes/210599714/realtime
US : S&P US
3,372.85
-0.58 -0.02%
Volume: 1.71B
Aug. 14, 2020 5:11p
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