UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT on Nike
In a report published Friday, Canaccord Genuity reiterated its Hold rating on Nike (NYSE: NKE), and raised its price target from $92.00 to $94.00.
Canaccord Genuity noted, “NKE's adjusted Q1 EPS of $1.27 (ex-Umbro/Cole Haan) exceeded our $1.15 estimate and consensus of $1.12. Relative to our model, better sales and gross margin helped by +7c while lower shares/other income helped by +5c. Futures decelerated to +8% (vs. our +7.7% est. and consensus of +10%) as we expected they would, but China futures of -6% were disappointing. The inventory issue in China is likely to get worse before it improves and we suspect it will take NKE 2-3 quarters to fully right-size. With China correcting, no discernable sales catalysts and moderating price increases, we maintain our HOLD rating but are raising our price target to $94 due to the flow through of the Q1 EPS beat.”
Nike closed on Thursday at $96.00.
Latest Ratings for NKE
|Sep 2016||Bank of America||Maintains||Neutral|
|Sep 2016||Wells Fargo||Maintains||Market Perform|
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