Academy Sports price target lowered to $52 from $55 at Morgan Stanley

Morgan Stanley analyst Simeon Gutman lowered the firm’s price target on Academy Sports (ASO) to $52 from $55 and keeps an Equal Weight rating on the shares. A sustained inflection into positive comps proved “elusive” as May comps decelerated again despite the Jordan brand launch and new store expansion, the analyst tells investors in a post-earnings note. However, “downside is limited while awaiting the turn” given the current valuation and the company’s “clean” balance sheet and “solid” free cash flow generation, the analyst added.