Nike (NKE) PT Bumped to $94, 'Hold' Maintained Ahead of Q2 Print

Canaccord Genuity analyst Camilo Lyon boosted his price target on Nike (NYSE: NKE) to $94.00 (from $88.00) but maintained a Hold rating ahead of Q2 results on Thursday, December 18 after market close.

"We are modeling sales growth of 11.1% and EPS of 70c, in-line with consensus, but believe there could be upside to our sales estimates as the momentum in footwear, women’s, and direct-to-consumer (DTC) likely continued in Q2," Lyon said.

"We are expecting another quarter of strong growth in basketball (robust launch pipeline and introduction of technologies like Air Zoom) and running (women’s and premium apparel). Following +70% e-commerce growth in Q1, we expect DTC to show another impressive quarter of sales and margin expansion, as we believe NKE is harvesting the incremental growth it is creating in the market by redirecting consumer traffic to its website through spot inventory re-stocking events."

The analyst increased his 2014 and 2016 Annual EPS estimates to $3.61 and $4.07, respectively. Lyon increased his 2015 and 2016 Annual Revenue estimates to $30,832M and $33,802M, respectively.

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 $95.43 yesterday.

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