Oppenheimer says investors are underappreciating shares of Dick’s Sporting Goods , a retailer poised to profit from consumer demand shifts in a post-pandemic world. Analyst Brian Nagel upgraded shares of the retail stock to outperform, highlighting in a note to clients Thursday that shares trade at only 12 to 14 times the firm’s expected recession case earnings for the retailer. “In our view, a now better-positioned and more strategically merchandised Dick’s Sporting Goods is likely to continue to capitalize well upon positive, post-pandemic shifts in consumer demand and stepped-up competitive fallout within sporting goods retail,” Nagel said. The firm placed a $138 price target on the stock, reflecting the possibility of shares gaining 26% from Wednesday’s close. Nagel also reiterated the firm’s outperform ratings on Nike , Lululemon , Under Armour and Academy Sports and Outdoors , trimming some price targets to reflect a potential recession, but noting expectations of continued resilience in the long term. “Overall, we view underlying trends as solid and expect leading operators to emerge from current macro malaise even better positioned to profitably capture market share,” he said. Retailers currently face a slew of inventory issues and fears of slowing consumer spending. Despite this backdrop, shares of Dick’s Sporting Goods have outperformed the broader S & P 500 and the retail sector. The stock is down just 5.1% year to date, while shares of the SPDR S & P Retail ETF have toppled more than 35%. — CNBC’s Michael Bloom contributed reporting