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Dick’s Sporting price target lowered to $230 from $273 at DA Davidson

DA Davidson lowered the firm’s price target on Dick’s Sporting (DKS) to $230 from $273 but keeps a Buy rating on the shares. The company’s Q1 results were “strong”, n line with the preannouncement earlier this month and better than the original expectations, the analyst tells investors in a research note. The firm adds that it continues to see the stock as undervalued and believes that the Foot Locker acquisition related pullback provides a good entry level but also cuts its assumed earnings multiple to 15-times from 18-times due to reduced retail valuations and potential deal related risks.

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