Nike (NYSE:NKE)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Friday, American Banking and Market News reports. They currently have a $75.00 target price on the stock. Zacks‘ price objective suggests a potential upside of 3.96% from the stock’s previous close.
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.”
Shares of Nike (NYSE:NKE) traded down 0.44% during mid-day trading on Friday, hitting $71.82. 457,062 shares of the company’s stock traded hands. 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 $67.28 and a 200-day moving average of $63.61. The company has a market cap of $63.877 billion and a P/E ratio of 24.35.
Nike (NYSE:NKE) last released its earnings data on Thursday, September 26th. The company reported $0.86 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $1.23 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis.
NKE has been the subject of a number of other recent research reports. Analysts at UBS AG raised their price target on shares of Nike 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 from $70.00 to $80.00 in a research note to investors on Tuesday, October 1st. They now have an “overweight” rating on the stock. Finally, analysts at Argus upgraded shares of Nike from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, October 1st. They now have a $84.00 price target on the stock, up previously from $72.64. Twelve equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average 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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