Academy Sports and Outdoors: Hold Rating Amid Mixed Q3 Performance and Uncertain Growth ProspectsWe expect a 3Q EPS miss (BMO 12/9) vs cons driven by slightly weaker comps ( -1% vs cons flat). While we believe the addition of NKE/Jordan and better execution are driving improved comp trends this year (vs -MSD comps in prior yrs), warmer temps in Texas (~40% of store base) through mid- to late Oct limited upside to 3Q comps. We believe seasonal demand shifted to Nov as weather turned cooler and we expect mgmt to speak positively on 4QTD trends. We remain cautious on ASO, given low visibility into sustainable positive comp growth despite several tailwinds (NKE/Jordan, better in-stocks, new stores entering comp base) and price increases of +HSD-LDD in 2H (they have a price sensitive consumer). At current levels, we see a balanced risk/reward into 3Q EPS.