Canaccord Genuity Maintains a 'Hold' on Nike (NKE); Cutting PT to $92 After Q4 Miss and Outlook
Tweet Send to a FriendGet Alerts NKE Hot Sheet
Price: $62.79 -0.85%
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade NKE Now!
Canaccord Genuity maintains a 'Hold' on Nike (NYSE: NKE) price target of $92.00 (from $104.00).
Analyst, Camilo Lyon, said, "Our concerns coming into the quarter (sales miss, decelerating futures, bloated inventories, continued gross margin pressure exacerbated by F/X) were founded. Moreover, F2013 guidance was lowered due to less gross margin recovery than previously thought; however, we believe sales guidance of M-HSD growth still looks aggressive. Despite the ~10% after-market decline, we would not be buyers of the stock as our top-line growth concerns persist and we believe there is a heightened risk of excess post-Olympic inventory that could further delay the margin recovery."
Lyon commenting on future orders, said the slowdown was expected and was mainly driven by China, by U.S. demand remains strong, which bodes well for Foot Locker (NYSE: FL), Dick's Sporting Goods (NYSE: DKS) and Finish Line (Nasdaq: FINL).
For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.
Shares of Nike closed at $96.89 yesterday, with a 52 week range of $76.98-$114.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Camilo Lyon, said, "Our concerns coming into the quarter (sales miss, decelerating futures, bloated inventories, continued gross margin pressure exacerbated by F/X) were founded. Moreover, F2013 guidance was lowered due to less gross margin recovery than previously thought; however, we believe sales guidance of M-HSD growth still looks aggressive. Despite the ~10% after-market decline, we would not be buyers of the stock as our top-line growth concerns persist and we believe there is a heightened risk of excess post-Olympic inventory that could further delay the margin recovery."
Lyon commenting on future orders, said the slowdown was expected and was mainly driven by China, by U.S. demand remains strong, which bodes well for Foot Locker (NYSE: FL), Dick's Sporting Goods (NYSE: DKS) and Finish Line (Nasdaq: FINL).
For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.
Shares of Nike closed at $96.89 yesterday, with a 52 week range of $76.98-$114.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Imperial Capital Boosts Price Target on Dick's (DKS); 'Best-of-Breed'
- Hewlett-Packard (HPQ) Q2 Performance Wins Praise on Wall Street; Jefferies Raises to Hold
- UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeRelated Entities
Canaccord Genuity
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
