Golf spending decline likely reflected in Dick's guidance, says Wells Fargo After Channel Advisor reported that golf category sales weakened materially in April/May, Wells Fargo thinks the weakness is likely reflected in Dick's guidance. The firm thinks that Dick's can meet lowered FY14 expectations, and it believes that recent insider buying suggests that the stock's weakness may be overdone. The firm keeps an Outperform rating on the shares.
News For 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.