UPDATE: JP Morgan Upgrades Nike to Overweight on Robust Growth Outlook
JP Morgan upgraded Nike (NYSE: NKE) from Neutral to Overweight and raised the price target from $50.00 to $64.00.
JP Morgan commented, "While near-term headwinds (2H13 pricing, labor, Int'l concerns) are worth noting, earnings visibility is improved (vs. 3 months ago) given (1) robust multi-year product pipeline (Free & Lunar w/Flyknit the next leg), (2) China roadmap firmly in place (11%) w/ signs of European stabilization (22%), and (3) laser focus on total shareholder returns (NT & LT profit balance w/ capital allocation levers). Just Do It! – Upgrade to Overweight."
Nike closed at $54.59 on Friday.
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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