February sporting good sales returned to growth, says Wells Fargo Wells Fargo said its sporting goods data indicated that February sales trends accelerated year-over-year in all three major categories, namely footwear, apparel and outdoor hardgoods, following a weather-plagued January. The firm has Outperform ratings on both Cabela's (CAB) and Dick's Sporting (DKS).
News For CAB;DKS From The Last 14 Days
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Dick's Sporting downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Dick's Sporting Goods to Market Perform citing the recent rebound in shares and its data for August which indicates golf equipment sales continue to be weak. Wells also believes Disk's is near peak sales productivity and that the shift to ecommerce will lead to lower margins. The firm dropped its price target range for shares to $43-$46 from $47-$50.