Athletic retailer Dick's Sporting Goods Inc (NYSE: DKS) is eyeing its third-consecutive win today, should this morning's gains hold, after Cowen and Company upgraded the stock to "outperform" from "market perform" and lifted its price target to $50 from $36. The analyst cited improving allocations of products from big names Nike (NKE) and Adidas, the company's successful shift to curbside pickup, and a strong online presence. At last check, DKS is up 1% to trade at $41.85. 

Cowen and Company upgraded Dick's Sporting Goods to "outperform"

When we last looked at DKS earlier this month, it was trying to shake off a mostly disappointing earnings report. The security has forged higher since the event, with one mid-June pullback deftly captured by its 20-day moving average. For the month, DKS is up by nearly 30%. 

There are still quite a few analysts not convinced by the equity's recent rally. Coming into today, just six called Dick's Sporting Goods a "strong buy," compared to 12 calling it a "hold" or worse. Plus, the consensus 12-month price target sits at just a 2.6% premium to last night's close. 

Short sellers are still piling on, too. In the last two reporting periods, short interest rose 8.8%. The 15.03 million shares sold short represent almost a quarter of the stock's available float, and would take just about a week to cover at its average daily pace of trading. This could lead to a short squeeze for the security, should some of these bearish bets begin to unwind.