Bank of America Cuts NIKE (NYSE:NKE) Price Target to $90.00

NIKE (NYSE:NKE) had its target price reduced by investment analysts at Bank of America from $95.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the footwear maker’s stock. Bank of America‘s price objective suggests a potential upside of 16.73% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley dropped their price objective on shares of NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday. Daiwa America cut NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Finally, UBS Group cut their target price on NIKE from $82.00 to $80.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.81.

NIKE Stock Performance

Shares of NKE stock opened at $77.10 on Friday. The stock’s 50-day moving average price is $78.18 and its 200 day moving average price is $80.77. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $115.60 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. NIKE has a 52-week low of $70.75 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last released its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same quarter in the previous year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, equities research analysts forecast that NIKE will post 2.72 EPS for the current year.

Institutional Trading of NIKE

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Tempus Wealth Planning LLC lifted its holdings in NIKE by 9.6% in the 2nd quarter. Tempus Wealth Planning LLC now owns 3,969 shares of the footwear maker’s stock valued at $299,000 after purchasing an additional 347 shares in the last quarter. AMG National Trust Bank raised its position in shares of NIKE by 55.6% in the second quarter. AMG National Trust Bank now owns 22,416 shares of the footwear maker’s stock valued at $1,689,000 after buying an additional 8,012 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of NIKE by 39.8% during the second quarter. Capital Advisors Ltd. LLC now owns 3,386 shares of the footwear maker’s stock valued at $255,000 after buying an additional 964 shares during the period. IMA Advisory Services Inc. acquired a new stake in NIKE during the second quarter worth approximately $1,849,000. Finally, Patten Group Inc. boosted its position in NIKE by 7.2% during the second quarter. Patten Group Inc. now owns 9,330 shares of the footwear maker’s stock worth $703,000 after acquiring an additional 623 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.