Nike (NKE): Unlikely To Raise Consensus - UBS
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UBS analyst, Michael Binetti, reiterated his Buy rating on shares of Nike (NYSE: NKE) but believes that F1Q results are unlikely to drive consensus EPS estimates higher.
Market data & industry readthroughs suggest that Nike's recent N. America sales growth rate has remained sluggish amid a recent fashion trend change & less impactful innovation lately. The analyst expects mixed quality F1Q results. We're forecasting global futures to decelerate to +8% from +11% in F4Q16. Importantly, we're forecasting N. America revs to grow just +2% (below the +MSD underlying run rate excluding a 1x shift in F4Q16), and N. America futures growth of just +4% (vs +6% last qtr).
The analyst went on to say "We believe the likelihood for Nike to raise FY17 either rev or EPS guidance with the 1Q update is minimal".
No change to the price target of $70.
Shares of Nike closed at $55.15 yesterday.
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