Academy Sports downgraded to Hold from Buy at Truist

Truist downgraded Academy Sports (ASO) to Hold from Buy with a price target of $50, down from $63. While the firm remains optimistic about long-term opportunities, it thinks potentially higher tariffs may further limit demand from Academy’s core middle-income consumers that are already facing material pressure. This can drive top-line and margin headwinds and the firm also does not forecast a sharp near-term rebound in the hunting category given the incoming Republican administration’s positive stance on guns, the analyst tells investors.