Jefferies Reiterates Buy on Nike (NKE) Following Earnings Report
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Jefferies reiterated a Buy rating and $65.00 price target on Nike (NYSE: NKE) following the company's 1Q earnings report. Generally, the athletic footwear market is strong, but Adidas is on the rise. In basketball footwear, the market remains Nike dominant.
Analyst Randal Konik commented, "Nike is the gold standard, but Adidas is gaining ground, placing a lid on futures orders NT. Lingering FX and expense pressures create a subdued NT EPS picture. Those with a LT focus will see a best-in-class brand, an improving supply chain, an emerging China oppty, and product innovation, making Nike a core holding for those with a LT horizon."
Shares of Nike closed at $55.34 yesterday.
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Related EntitiesJefferies & Co, Earnings, Randal Konik
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