UPDATE: McAdams Wright Ragen Downgrades Nike to Sell on Valuation

McAdams Wright Ragen lowers its rating on Nike

from Hold to Sell as it does not believe current valuation is justified. McAdams Wright Ragen notes, "We do not believe that near-term multiple expansion beyond current levels is justified. NKE currently trades at 23.2x our FY12 (May) EPS estimate of $4.75 and 20.8x our $5.30 estimate for FY13. The stock trades at 22.3x and 18.9x FY12 and FY13 consensus estimates, respectively. Over the last ten years, the stock's average range has been between 14.5x and 20.0x forward earnings." NKE closed at $109.98 on Thursday.