DA Davidson Downgrades Nike (NKE) to Neutral; Futures Orders A Modest Disappointment, Guidance A Bigger One

June 29, 2012 8:32 AM EDT Send to a Friend
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Price: $97.42 +0.12%

Rating Summary:
    22 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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DA Davidson downgraded Nike (NYSE: NKE) from Buy to Neutral with a price target of $93.00 (from $123.00).

Analyst, Andrew Burns, said, "NIKE reported F4Q revenue and EPS of $6.47 billion and $1.17, below consensus of $6.52 billion and $1.37 and our estimates of $6.46 billion and $1.36...Futures orders were up 12% in constant currency (7% reported), slightly below our 13% estimate...Headwinds more challenging than anticipated; FY13 earnings expectations prove aggressive. We are disappointed that NKE’s gross margin was short of guidance for the third consecutive quarter, implying limited visibility to product margins despite healthy topline trends."

FY13 EPS estimate cut from $5.80 to $5.12, revs lowered from $26.134B to $24.729B.

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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