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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 +0.96% 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 -2.10% 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 +0.12% 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 -0.18% has fallen 4.3% for 2020 so far.

/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 105.14
+1.00 +0.96%
Volume: 778,922
Aug. 2, 2021 4:00p
P/E Ratio
9.94
Dividend Yield
1.38%
Market Cap
$9.30 billion
Rev. per Employee
$191,298
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/zigman2/quotes/204092533/composite
US : U.S.: NYSE
$ 55.86
-1.20 -2.10%
Volume: 2.80M
Aug. 2, 2021 4:00p
P/E Ratio
9.22
Dividend Yield
1.43%
Market Cap
$5.91 billion
Rev. per Employee
$147,272
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,331.48
+3.89 +0.12%
Volume: 3.35M
Aug. 2, 2021 4:00p
P/E Ratio
58.06
Dividend Yield
N/A
Market Cap
$1678.18 billion
Rev. per Employee
$297,430
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/zigman2/quotes/210599714/realtime
US : S&P US
4,387.16
-8.10 -0.18%
Volume: 1.98B
Aug. 2, 2021 5:06p
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