Piper Jaffray Cos. Reiterates “Neutral” Rating for Nike (NKE)
Nike (NYSE:NKE)‘s stock had its “neutral” rating reaffirmed by equities researchers at Piper Jaffray Cos. in a research report issued on Thursday, Analyst Ratings.Net reports. They currently have a $71.00 target price on the stock, up from their previous target price of $64.00. Piper Jaffray Cos.’s target price indicates a potential upside of 5.05% from the company’s current price.
The analysts wrote, “We believe the next several weeks potentially offer a compelling trade opportunity for NKE shares on the long side. The following events over the next four weeks could all be positive catalysts for NKE shares: Dick’s Sporting Goods analyst day on September 18th, Nike’s FQ1 earnings in late September, Nike’s analyst day on October 9 and NKE shares being added to the DJIA on September 23. Furthermore, we believe product innovation such as Flyknit, mildly improving macroeconomic conditions in China and several global sporting events in 2014 provide a favorable backdrop. Lastly, NKE’s earnings multiple relative to UA is approaching its historic low, which has typically been a good indicator of NKE’s relative outperformance. We have raised our 12-month price target from $64 to $71, but are maintaining our Neutral rating given valuation.”
NKE has been the subject of a number of other recent research reports. Analysts at Wells Fargo & Co. initiated coverage on shares of Nike (NYSE:NKE) in a research note to investors on Thursday, August 8th. They set an “outperform” rating and a $76.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Cowen and Company reiterated an “outperform” rating on shares of Nike (NYSE:NKE) in a research note to investors on Tuesday, July 9th. They now have a $68.00 price target on the stock. Finally, analysts at Ned Davis Research upgraded shares of Nike (NYSE:NKE) from a “neutral” rating to a “buy” rating in a research note to investors on Monday, July 8th.
Twelve research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Nike currently has a consensus rating of “Buy” and an average target price of $68.99.
Shares of Nike (NYSE:NKE) traded up 1.81% on Thursday, hitting $68.814. The stock had a trading volume of 1,506,598 shares. Nike has a 52 week low of $44.825 and a 52 week high of $67.82. The stock’s 50-day moving average is $64.61 and its 200-day moving average is $61.77. The company has a market cap of $61.269 billion and a price-to-earnings ratio of 24.91.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.75 by $0.01. The company had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter last year, the company posted $1.17 earnings per share. Nike’s revenue was up 7.4% compared to the same quarter last year. On average, analysts predict that Nike will post $3.02 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, October 7th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Thursday, August 29th.
NIKE, Inc (NYSE:NKE) is engaged in the design, development and worldwide marketing and selling of footwear, apparel, equipment, accessories and services.
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