Nike Receives Neutral Rating from Zacks (NKE)
Nike (NYSE:NKE)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Friday, Stock Ratings Network reports. They currently have a $75.00 price target on the stock. Zacks‘ target price would suggest a potential upside of 4.69% from the company’s current price.
Zacks‘ analyst wrote, “We remain impressed with Nike’s consistent positive earnings surprises, strong revenue growth and optimistic guidance. Nike posted robust first quarter results, which prompted management to provide an impressive outlook for fiscal 2014. Nike aims to increase its global reach and market share by aggressively expanding its operations in the emerging markets, while focusing on direct-to-consumer business and other brands, which augur well for future operating performance. Further, we believe that the company’s innovative products and services would help in boosting its top-line performance. However, we expect discretionary spending and intense competition amid rapidly changing customer preferences to undermine Nike’s prospects. Consequently, we prefer to be on the sidelines at present and thereby, maintain our long-term Neutral recommendation.”
Nike (NYSE:NKE) traded up 0.50% during mid-day trading on Friday, hitting $72.00. The stock had a trading volume of 1,120,659 shares. Nike has a 52 week low of $44.825 and a 52 week high of $75.25. The stock has a 50-day moving average of $67.04 and a 200-day moving average of $63.48. The company has a market cap of $64.037 billion and a price-to-earnings ratio of 24.18.
Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, September 26th. The company reported $0.86 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.23 earnings per share. Nike’s revenue was up 7.7% compared to the same quarter last year. Analysts expect that Nike will post $3.04 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on NKE. Analysts at UBS AG raised their price target on shares of Nike (NYSE:NKE) from $77.00 to $82.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Nike (NYSE:NKE) from $70.00 to $80.00 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Finally, 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. Twelve analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Nike has a consensus rating of “Buy” and a consensus target price of $75.88.
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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