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JP Morgan Reiterates Nike at Overweight Rating on Dick's Sporting Goods Expansion

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JP Morgan published a report Tuesday that reiterated an Overweight rating on Nike (NYSE: NKE) and a price target of $64.

In the report, JP Morgan commented, "Dick's (one of NKE's key partners) raised its long-term store saturation target to “over 1,100 stores” from 900 previously on its 4Q call. Specifically, this represents a doubling of its current store base (vs. today) and a 22% increase in the company's previous saturation target (7-8% sq ft growth in FY13 moving to 9-10%). Importantly, NKE is the company's largest single vendor, representing 15% of DKS total merchandise (latest 10-K)—a strong lateral positive in our view."

Nike closed Monday at $54.53.

Latest Ratings for NKE

DateFirmActionFromTo
Sep 2020StifelMaintainsBuy
Sep 2020BTIGMaintainsBuy
Sep 2020CitigroupMaintainsBuy

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Posted-In: JPMorgan Chase & Co.Analyst Color Reiteration Analyst Ratings

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