Nike (NKE) Receives Buy Rating from Canaccord Genuity

Nike (NYSE:NKE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity in a report released on Monday, December 17th. They presently have a $95.00 price objective on the footwear maker’s stock. Canaccord Genuity’s target price suggests a potential upside of 39.50% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed a “buy” rating and set a $88.00 price target on shares of Nike in a report on Wednesday, September 12th. Wedbush raised their price target on shares of Nike from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, September 10th. Telsey Advisory Group raised their price target on shares of Nike from $87.00 to $92.00 and gave the company an “outperform” rating in a report on Tuesday, September 18th. Wells Fargo & Co set a $82.00 price target on shares of Nike and gave the company a “hold” rating in a report on Monday, September 10th. Finally, B. Riley reaffirmed a “neutral” rating and set a $84.00 price target (up previously from $76.00) on shares of Nike in a report on Wednesday, September 19th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $82.81.

NKE stock traded down $4.27 during trading on Monday, hitting $68.10. 8,551,422 shares of the stock traded hands, compared to its average volume of 8,603,887. Nike has a 1 year low of $62.09 and a 1 year high of $86.04. The company has a market capitalization of $114.93 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.40 and a current ratio of 2.14.

Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, December 20th. The footwear maker reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.06. Nike had a net margin of 5.66% and a return on equity of 44.85%. The company had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $9.17 billion. During the same period in the prior year, the firm posted $0.46 EPS. Nike’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts predict that Nike will post 2.62 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Nike by 1.2% in the third quarter. Vanguard Group Inc. now owns 102,670,288 shares of the footwear maker’s stock worth $8,698,227,000 after purchasing an additional 1,207,986 shares during the last quarter. Vanguard Group Inc increased its position in Nike by 1.2% in the third quarter. Vanguard Group Inc now owns 102,670,288 shares of the footwear maker’s stock worth $8,698,227,000 after purchasing an additional 1,207,986 shares during the last quarter. BlackRock Inc. increased its position in Nike by 1.2% in the third quarter. BlackRock Inc. now owns 82,676,038 shares of the footwear maker’s stock worth $7,004,317,000 after purchasing an additional 966,541 shares during the last quarter. Capital Research Global Investors increased its position in Nike by 0.7% in the third quarter. Capital Research Global Investors now owns 54,349,821 shares of the footwear maker’s stock worth $4,604,517,000 after purchasing an additional 354,981 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Nike by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock worth $2,226,327,000 after purchasing an additional 1,273,548 shares during the last quarter. Hedge funds and other institutional investors own 64.00% of the company’s stock.

About Nike

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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Analyst Recommendations for Nike (NYSE:NKE)

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