Janney Montgomery Scott Maintains a 'Buy' on Nike (NKE); Expect Moderating (But Still Strong) Top Line
Tweet Send to a FriendGet Alerts NKE Hot Sheet
Price: $65.32 +1.37%
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Trade NKE Now!
Janney Montgomery Scott maintains a 'Buy' on Nike (NYSE: NKE) price target of $123.00 (from $127.00).
Analyst, Eric Tracy, said, "Into the NKE 4Q print next week, we remain positively biased on longer-term fundamentals and think near-term risk/reward has improved as sentiment in the name has weakened of late (owing to Europe exposure, chatter on China softening), resulting in too-high competitor estimates being revised downward, which has put pressure on the shares over the last month (NKE off ~4% vs. +5% for S&P). While we expect top line trends to moderate (against stiffening compares and building FX headwinds), the market could over-read this "softening" as an end to cycle/pipeline/global growth - at the quarter, we expect shares to trade on 1) future orders (5-6 month order book) and 2) FY13 EPS guide."
Tracy points to several catalysts including NFL licenses, Summer Olympics, EuroCup, and launch of Nike+ for basketball/training. However, he does lower FY13 EPS outlook from $5.85 to $5.78.
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 $101.20 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, Eric Tracy, said, "Into the NKE 4Q print next week, we remain positively biased on longer-term fundamentals and think near-term risk/reward has improved as sentiment in the name has weakened of late (owing to Europe exposure, chatter on China softening), resulting in too-high competitor estimates being revised downward, which has put pressure on the shares over the last month (NKE off ~4% vs. +5% for S&P). While we expect top line trends to moderate (against stiffening compares and building FX headwinds), the market could over-read this "softening" as an end to cycle/pipeline/global growth - at the quarter, we expect shares to trade on 1) future orders (5-6 month order book) and 2) FY13 EPS guide."
Tracy points to several catalysts including NFL licenses, Summer Olympics, EuroCup, and launch of Nike+ for basketball/training. However, he does lower FY13 EPS outlook from $5.85 to $5.78.
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 $101.20 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
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Goldman Sachs Upgrades Ruckus Wireless (RKUS) to Buy, 'Pullback Creates Opportunity'
- UPDATE: Leerink Swann Upgrades Bristol-Myers Squibb Co. (BMY) to Outperform
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Janney Montgomery Scott, Standard & Poor's
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!
