UBS Maintains Neutral Rating On Nike, Lifts PT To $76 (NKE)
3/19/2010- UBS analysts maintained their "neutral" rating on Nike (NYSE: NKE) but raised their price target to $76, up from $74, after the company beat Q3 EPS estimates.
The company reported Q3 EPS of $1.01, topping the banks estimate of $0.92 and consensus estimate of $0.89.
Analyst Michael Binetti said, "We were particularly encouraged to see N. America futures accelerate to +4% YOY (vs -4% in F2Q), based on higher volumes, rising ASP's, and significantly accelerating apparel trends in coming qtrs. We are raising our FY10E EPS by $0.10 to $3.86--largely due to a $0.09 beat. We remain positive on Nike's business, but a 14% 1-month stock run (and our view that NKE's stock will open strong in the morning) leave us Neutral."
Write to Chip Brian at cbrian@tradethetrend.com
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