Shares of online sporting goods retailer Fogdog Sports (Nasdaq: FOGD) climbed more than 12 percent on Tuesday, gaining 1-5/16 to 11-15/16 after the stock received a buy rating from Warburg Dillon Read, which was a co-manager of Fogdog’s December IPO. Warburg Dillon Read gave Fogdog a price target of $23. Tuesday’s gain propelled shares of Fogdog past their IPO price of $11.
The coverage came one day after Fogdog announced that three sporting goods industry veterans had joined the company as general managers. The three new hires are Bill Evans, who worked as president of tennis apparel company Sergio Tacchini; bicycle industry executive Larry Pizzi; and former Callaway Golf manager Scott Halliday.