Goldman Sachs Bullish On Nike, Sees 14% Upside

by Shivani Kumaresan, Benzinga Staff Writer

October 12, 2021 9:29 AM | 1 min read | Make a Comment

Goldman Sachs analyst Kate McShane initiated coverage of Nike Inc NKE with a Buy rating and $172 price target, implying a 14.56% upside.
The analyst sees a "healthy industry backdrop with a company-specific continued focus on innovation to drive growth."
Nike has room to expand its direct-to-consumer initiative, which should drive higher gross margins over time, says McShane.
The analyst noted sourcing concerns are transitory and likely priced in following the recent selloff. In addition, its high cash balance should enable additional investment and capital return to shareholders.
Price Action: NKE shares are trading higher by 1.68% at $152.8 in premarket on the last check Tuesday.