Morgan Stanley analyst Simeon Gutman lowered the firm’s price target on Dick’s Sporting (DKS) to $232 from $255 and keeps an Overweight rating on the shares following Q1 results. Dick’s will likely become more valuable over time, as its ecosystem of experiential retail, omnichannel shopping, growing GameChanger user base, retail media and eventually sports technology will continue to drive market share gains and profitable top line growth, the firm told investors in a research note. Morgan Stanley added that the Foot Locker deal does introduce a layer of complexity, but the company’s strategy of combining organic growth and M&A has paid off. The firm concluded that its bull case for Dick’s Sporting implies 54% upside while its bear case implies 23% downside.
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