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Mannequins stand next to merchandise displayed for sale at a Dick's Sporting Goods store in West Nyack, New York.
Oppenheimer lowered its rating for Dick's Sporting Goods to perform from outperform, saying the company's earnings results will come in below expectations in the coming year.
"Recently, a large number of leading sporting goods manufacturers and retailers reported results well shy of expectations, all while certain industry-wide sales trackers also hinted at top-line disruptions for the sector," analyst Brian Nagel wrote in a note to clients Tuesday. "The breadth of this flood of seemingly soft data points renders us increasingly concerned that even the well-positioned DKS is unlikely to emerge unscathed."