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Stifel Nicolaus maintained Nike
NKE with a Buy rating and raised the price target from $55.00 to $61.00.
Stifel Nicolaus analyst Jim Duffy commented, "The anticipated slowing of FY3Q futures (our constant currency estimate 4% vs. 7% in FY2Q) against difficult compares has been a headwind for the stock thus far in 2013. Given the backdrop of S&P multiple expansion year-to-date, with the FY3Q futures trough on the table, data points of further progress in China (channel comps and inventories), and an outlook for positive inflection in gross margin for FY4Q and entering FY14, we see capacity for multiple expansion for NKE."
Nike closed at $54.69 on Thursday.
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