Dick's Sporting Goods Suffers Record 31% Single-Day Crash as Wall Street Slashes Targets After Earnings Miss

Dick's Sporting Goods stock plunged more than 31% on Tuesday in the retailer's worst single-day trading session on record, after fiscal second-quarter earnings missed Wall Street expectations and management sharply cut its full-year outlook. The selloff continued into Wednesday, with shares falling more than 1% in premarket trading and unusual options volume spiking across both calls and puts. The earnings shock triggered a wave of analyst downgrades and deep price target reductions.

Truist Securities cut its rating from Buy to Hold and slashed its target to $135 from $270. Telsey Advisory Group dropped DKS from Outperform to Market Perform with a $145 target, down from $255. KGI Securities also downgraded to Neutral from Outperform.

On the price target front, Barclays made the steepest cut, dropping its target to $150 from $280. BTIG went to $180 from $300, JP Morgan to $188 from $245, Wells Fargo to $185 from $240, Jefferies to $171 from $224, and D.A. Davidson to $205 from $260.

CNBC's Jim Cramer said he would not abandon the stock, but the broader analyst community and hedge funds signaled a sharply more cautious stance following the reduced guidance.