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 $94.00 to $100.00.
Canaccord Genuity noted, “NKE reported good FQ2 EPS results of $1.14 vs. our $0.99 estimate ($1.00 consensus). Relative to our model, the beat was driven by a better gross margin (+4c), a push-out of expenses into Q3 (+8c), and other income (+3c). NA futures were +14% vs. our estimate of +10%, indicating still-healthy demand in the US, while China futures (-7%) were also better than we modeled. Despite these positives, guidance for Q3 is below consensus due to the shift in expenses and sales will decelerate in Q4. This was a clean report with more positives than negatives, yet we maintain our HOLD rating as the risk/reward appears balanced.”
Nike closed on Thursday at $99.00.
Latest Ratings for NKE
|Jun 2016||Morgan Stanley||Downgrades||Overweight||Equal-weight|
|Jun 2016||Bank of America||Downgrades||Buy||Neutral|
|May 2016||Wells Fargo||Assumes||Market Perform|
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