Nike (NKE) 10-Q Reveals Double Digit Growth in China Representing a Material Acceleration - JPMorgan
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JPMorgan analyst Matthew Boss reiterated an Overweight rating and $164.00 price target on Nike (NYSE: NKE) after reviewing the company's recently filed 10-Q and finding material underlying improvement in China with the 3-year regional revenue CAGR accelerating 1,100bps sequentially to +11%. This is greater than 2Q which saw flat performance & 1H22 which saw a +mid-singles 2-year CAGR.
The analyst stated "Importantly, mgmt sees China “on pace” to deliver forecast “sequential improvement” in 4Q – despite the impact of incrementally worse COVID-related restrictions on the local consumer since providing the guide on 3/21. Said differently, management is “encouraged” by fundamental momentum underway in the China business driven by: (1) consumer response to incremental supply in high-heat product and (2) consumer response to increased marketing".
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 $127.49 yesterday.
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