Wedbush Starts Nike (NKE) at Neutral
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Wedbush initiates coverage on Nike (NYSE: NKE) with a Neutral rating and a price target of $53.00.
Analyst Christopher Svezia commented, "We are initiating coverage of Nike (NKE) with a NEUTRAL rating and $53 PT or 20x P/E. Our view is that in the medium term NKE will continue to have challenges, particularly in the US, as the competitive environment continues to escalate and the product pendulum swings away from some of the company’s key categories. Our checks would indicate that NKE could still be susceptible to market share losses into 1H17. However, we are also mindful that NKE has a history of leading the market and not playing second fiddle while YTD share performance (-20% vs. DJIA +3.88%) and ~$9 billion buyback program offer support to the downside."
Shares of Nike closed at $49.62 yesterday.
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