Goldman Sachs Adds Nike (NKE) to Conviction Buy List

Goldman Sachs upgraded Nike (NYSE: NKE) from Buy to Conviction Buy with a price target of $99 (unchanged). Analyst Lindsay Drucker Mann sees attractive returns and free cash flow.

"We add NKE (Buy) to the Americas Conviction List, with 16% upside to our 6-month price target. NKE's exposure to choppy markets overseas (roughly half of Nike Brand sales) has been a recent source of anxiety, creating a compelling entry point for an attractive asset in the current trading environment. We tactically favor NKE's (1) robust free-cash growth and high returns model, (2) significant execution advantage versus multinational peers, (3) non-correlated margin drivers like supply chain reform and owned-retail expansion, and (4) diminished negative event risk with the August quarter already reported," said Drucker Mann.

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 $85.09 yesterday.

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