Jefferies Maintains Bullish View on Nike (NKE) After Q3, Better Sales Trump Another GM Miss

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Jefferies reiterated their Buy rating and $130 price target on Nike (NYSE: NKE) after Q3 results, saying better sales trump another gross margin miss.

The firm comments, "Sales momentum remains robust with North America leading the charge. Futures growth of 18% and tight expense control should be enough to offset another GM% miss. There is a silver lining to a lagging GM% recovery story in that it gives investors something to look forward to beyond the current acceleration in futures orders (which will inevitably decelerate)."

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 $110.99 yesterday, with a 52 week range of $75.05-$112.97.

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