UPDATE: Monness Crespi Hardt Reiterates on Dick's Sporting Goods Following Solid 3Q Results

In a report published Wednesday, Monness Crespi Hardt analyst Jim Chartier reiterated a Buy rating on Dick's Sporting Goods (NYSE: DKS), and raised the price target from $57.00 to $65.00.

In the report, Monness Crespi Hardt noted, “We continue to recommend shares of Dick's Sporting Goods (DKS) with a Buy rating and are raising our price target to $65 (from $57). We believe the company's recent sales misses have been primarily the result of transitory factors (weather and negative response to Livestrong brand), not structural issues. Dick's Sporting Goods remains one of the best square footage stories in retail with square footage growth accelerating to 10% over the next few years and the potential to more than double its store base. In the past few years, weather related weakness in DKS shares has provided excellent buying opportunities. The stock is trading at 20.0x our ntm EPS estimate of $2.84, slightly above its three year average valuation of 18.6x. Our $65 price target is based on 21x our FY14 EPS estimate of $3.10. We believe DKS shares should trade at a premium to its three year average as square footage is accelerating to 10% growth for the next four years from an average of +6.8% the last three years.”

Dick's Sporting Goods closed on Tuesday at $56.14.