Shares of Dick’s Sporting Goods Inc. (DKS) tanked in early trading on Wednesday, after the company slashed its guidance.
Analyst Joseph Feldman reiterated an Outperform rating, while slashing the price target from $160 to $140. “Dick’s 10% cut to its 2023 guidance came as a surprise after the company reiterated its outlook in May when most of its peers lowered,” Feldman stated. “Higher markdowns and inventory shrink—not lower sales or less demand—were the cause of the cut,” he added.
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