Nike Given “Overweight” Rating at JPMorgan Chase & Co. (NKE)
Nike (NYSE:NKE)‘s stock had its “overweight” rating reiterated by equities research analysts at JPMorgan Chase & Co. in a research note issued to investors on Tuesday, AnalystRatingsNetwork.com reports. They currently have a $80.00 target price on the stock, up from their previous target price of $70.00. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 10.13% from the company’s current price.
The analysts wrote, “Nike’s brand is best in class with significant runway remaining in the long-term story (with both top-line and gross margin)—a compelling combination in our view. Given strong brand equity and continued product innovation, we are modeling compound annual revenue growth of 10% through 2015 (~$8B incremental to $32.4B). Specifically, NKE’s centralization ‘Category Offense’ transformation has legs (International in first inning today) with an attractive top-line combination of low-double-digit apparel growth (women’s underpenetrated today) and consistent high-single-digit footwear (pricing power with Free, Flywire, and Lunar integrated technology). Spanning more than 30 years, innovation has been key to Nike’s first-mover advantage, with recent technologies such as Dri-Fit and sustainable materials in apparel, and Free, Lunar, and Flywire technology in footwear being integrated across all platforms.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus upgraded shares of Nike (NYSE:NKE) from a “hold” rating to a “buy” rating in a research note to investors on Tuesday. They now have a $84.00 price target on the stock, up previously from $72.64. Separately, analysts at Cowen and Company raised their price target on shares of Nike (NYSE:NKE) from $75.00 to $83.00 in a research note to investors on Monday. They now have an “outperform” rating on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Nike (NYSE:NKE) from $61.00 to $69.00 in a research note to investors on Monday. They now have a “hold” rating on the stock. Thirteen research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $75.28.
Nike (NYSE:NKE) traded up 0.29% during mid-day trading on Tuesday, hitting $72.85. The stock had a trading volume of 2,056,347 shares. Nike has a 1-year low of $44.825 and a 1-year high of $75.25. The stock’s 50-day moving average is $66.48 and its 200-day moving average is $63.23. The company has a market cap of $64.793 billion and a price-to-earnings ratio of 24.58. Nike also saw some unusual options trading on Monday. Stock traders acquired 20,879 call options on the stock. This is an increase of approximately 154% compared to the typical daily volume of 8,230 call options.
Nike (NYSE:NKE) last released its earnings data on Thursday, September 26th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.08. The company had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, analysts predict that Nike will post $3.05 earnings per share for the current fiscal year.
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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