Nike’s Turnaround Draws Wall Street’s Praise – Check Out The New Price Targets
Synopsis
Stifel highlighted the company's return to top-line growth and a better-than-expected first quarter performance as indicators that its business turnaround may be gaining traction.
Nike Inc. (NKE) received a revised price target from Stifel, which increased its price target to $68 from $64, while maintaining a ‘Hold’ recommendation on the stock.
Stifel cited encouraging signs in Nike’s latest quarterly results, highlighting the company's return to top-line growth and a better-than-expected first quarter (Q1) performance as indicators that its business turnaround may be gaining traction, according to TheFly.
In Q1, Nike’s revenue of $11.72 billion and earnings per share (EPS) of $0.49 both surpassed the analysts’ consensus estimate of $10.98 billion and $0.27, respectively, according to Fiscal AI data.
Piper Sandler also raised its price target on the stock to $84 from $80 and reiterated a ‘Overweight’ rating. Nike stock traded over 3% higher in Wednesday’s premarket.
Get updates to this developing story directly on Stocktwits.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.