Oppenheimer raised its rating for Dick's Sporting Goods shares to outperform from perform, on the prospect of better sales in the wake of bankruptcies by several competitors.
"We are increasingly optimistic that despite continued underlying woes for Dick's, the company should effectively capitalize upon a building wave of freed-up market share within the group and believe that even after a recent move higher in DKS, shares still do not fully discount for prospects for potentially better sales trends nearer term," analyst Brian Nagel wrote in a note to clients Thursday.
Shares of the sporting goods retailer are up 66 percent this year as of Wednesday's close. The company reported better-than-expected second quarter earnings in August.
