Sports Direct’s share price topped the list of FTSE 100 risers on Wednesday following an increase in its target price by Bank of America Merrill Lynch. The investment bank set a target price of 1070p on Sports Direct shares with a buying rating reiterated.
Analysts from the bank believed that the market is generally underestimating Sports Direct’s ability to further gain traction in Europe and ramp up its online store.
Sports Direct’s share price ended the day up by 5.63pc at 787.50p.
Smaller rival JD Sports also saw its share price increase by 6.75pc and was the second highest riser across all markets on the London Stock Exchange.