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Dick's Sporting Goods (DKS) - Get Free Report stock gained more than 2.2% mid-morning Wednesday on heavy trading volume to defy naysayers who have slashed its ratings following weaker-than-expected second quarter results Tuesday.

The surge in stock price comes as Deutsche Bank, RBC Capital and Citigroup join the long list of firms that have downgraded Dick's this week, which includes MKM Partners, Goldman Sachs, Susquehanna, Monness Crespi, Stifel, Bank of America/Merrill Lynch, Canaccord and Wedbush.

Deutsche Bank analyst Mike Baker cut Dick's to "hold" from "buy" and slashed his price target nearly in half to $28 Tuesday. Baker said there's "no easy path out of the current downward trajectory in margins and associated impairment of earnings power." There's no clear guidance for earnings power until at least the end of 2018, Baker wrote.

RBC Capital analyst Scot Ciccarelli slashed Dick's to "sector perform" from "outperform" on shared concerns that the retailer faces a "high earnings risk" well into 2018. Consolidation in sporting goods has led to an unstable pricing environment, elevated channel inventories and broadened distribution.

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Citi analyst Kate McShane cut Dick's to "neutral" with a $30 target on concerns for near-term challenges in both comp sales and margins in a new pricing environment. The current strategic investments and price war for Dick's are set to carry on into 2018, meaning there's little sign of catalysts for the stock during that time.

Dick's stock traded up to $27.48 Wednesday after falling over 23% by Tuesday's close. Among industry peers, Hibbett Sports Inc (HIBB) - Get Free Report stock surged 3.65%, Foot Locker Inc (FL) - Get Free Report shares were up 2.9% and Sportsman's Warehouse (SPWH) - Get Free Report jumped 1.4%. 

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