Academy Sports price target lowered to $70 from $75 at Evercore ISI

Evercore ISI lowered the firm’s price target on Academy Sports to $70 from $75 and keeps an Outperform rating on the shares. In 2023’s “sporting goods dogfight,” Academy is “holding its own” with controlled inventory and productivity gains that have margins on track to remain above 11%, the analyst tells investors. Improving traffic trends give the firm “some very tentative increased confidence” that 2024 can be an up EPS year for Academy, with its base case price target of $70 assuming the stock can trade at just under 10-times its 2024 EPS estimate of $7.15, the analyst added.