Strong Core Performance and Strategic Initiatives Support Buy Rating for Dick's Sporting GoodsWe walked away from 3Q with a little more clarity on near-term mgmt actions to integrate/improve FL. And importantly, we saw more evidence of the core DKS biz remaining best-in-class w/3Q comps +5.7%/GM +30bps. Implied 4Q comp guidance of flat to +1.5% for DKS core seems very conservative. At FL, although they have only owned the biz since 9/8, they are taking aggressive actions to clear thru slow-moving inventory to start clean in F26 (which will cause 4Q significant sales/GM pressure). And mgmt is taking a closer look at the FL store fleet (what we were hoping to hear). Mgmt reiterated their plan for FL accretion in F26 (beginning in 3Q for BTS) and it is likely we get a raise to the current $100-125M synergy guidance next qtr. While F25/F26 EPS ests may go lower, the longer-term earnings power for DKS/FL biz is unchanged and remains very attractive.