Wedbush Starts Nike (NKE) at Neutral

February 11, 2013 5:26 PM EST
Get Alerts NKE Hot Sheet
Price: $53.65 +1.38%

Rating Summary:
    27 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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After the close, Wedbush initiated coverage on Nike (NYSE: NKE) with a Neutral rating and $56 price target.

Analyst Corinna Freedman said the current valuation as fair and reflective of the company's dominate market share. She is cautious on the 2nd-half of 2013 due to tough comps and backend-weighted gross margin expectations. Near-term concerns about running comps are offset by basketball strength, the analyst also notes.

NOTE: The Neutral rating follows today's upgrade to Overweight at JPMorgan.

For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.

Shares of Nike closed up 1.15 percent to $55.22.

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