Goldman Sachs upgraded shares of Dick’s Sporting Goods (NYSE: DKS) from a buy rating to a conviction-buy rating in a research report released on Tuesday morning. Goldman Sachs currently has $53.00 price target on the stock, down from their previous price target of $57.00.

“We add DKS to the CL, returning it to the list after having removed it on December 10. Risks associated with a choppy 4Q and a tough 1Q guide have played out, if anything worse than we expected, but a lower multiple (recent trough), a higher core DKS store target (aided by an effective smaller format), and a visible capital allocation strategy more than offset negatives, including modest incremental investment and the distraction and cost associated with two new concepts.,” Goldman Sachs’ analyst commented.

Other equities research analysts have also recently issued reports about the stock. Analysts at Sterne Agee reiterated a buy rating on shares of Dick’s Sporting Goods in a research note to investors on Monday. Separately, analysts at Canaccord Genuity reiterated a buy rating on shares of Dick’s Sporting Goods in a research note to investors on Monday. They now have a $59.00 price target on the stock. Finally, analysts at Morgan Stanley reiterated an equal weight rating on shares of Dick’s Sporting Goods in a research note to investors on Monday.

Twenty-one equities research analysts have rated the stock with a buy rating, one has assigned an overweight rating, and six have issued a hold rating to the stock. The stock currently has an average rating of buy and an average price target of $57.29.

Shares of Dick’s Sporting Goods opened at 47.18 on Tuesday. Dick’s Sporting Goods has a 52 week low of $44.06 and a 52 week high of $54.24. The stock’s 50-day moving average is currently $48.72. The company has a market cap of $5.787 billion and a P/E ratio of 21.85.

The company also recently announced a quarterly dividend, which is scheduled for Friday, March 29th. Stockholders of record on Friday, March 8th will be paid a dividend of $0.13 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Wednesday, March 6th.

Dick’s Sporting Goods, Inc. (Dick’s) is a sporting goods retailer offering an assortment of brand name sporting goods equipment, apparel and footwear.

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