Janney Montgomery Scott on Nike (NKE): FX, China & Investments Mute Flow, But Still Believe Premium is Warranted

June 29, 2012 7:35 AM EDT Send to a Friend
Get Alerts NKE Hot Sheet
Price: $98.45 +1.06%

Rating Summary:
    22 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 33
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Janney Montgomery Scott maintains a 'Buy' on Nike (NYSE: NKE) price target of $100.00.

Analyst, Eric Tracy, said, "While we were somewhat cautious on shares heading into the print (owing mostly to global uncertainty in Europe/China and too-high consensus FY13 EPS expectations), the magnitude of the 4Q miss ($1.17 vs. our/consensus $1.38/$1.37) and lowered guidance was greater than we feared. As a result, we lower our estimates and FV, but maintain our Buy rating on shares of NKE. While near term upside catalysts are admittedly lacking, and global macro uncertainty is heightened, the bulk of our earnings revisions are non-operational in nature (FX headwinds and higher tax take ~$0.40 from FY13 EPS), taking FY13 EPS guidance from +mid-teens to +HSD."

"We are modeling FY13 EPS of $5.12 (+7%) ex-Cole Haan / Umbro."

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.


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