Canaccord Genuity Maintains a 'Hold' on Nike (NKE); Top Line Accelerates, and So Does Spending

Canaccord Genuity maintains a 'Hold' on Nike (NYSE: NKE) price target of $96.00.

Canaccord analyst, Camilo Lyon, said, "NKE’s Q1/12 results ($6.1B sales/$1.36 EPS vs. our $5.9B/$1.20 estimate) were nothing short of impressive, especially given the strains on the consumer and fears of a global deceleration. We view NKE’s results as evidence that despite a challenging macro, the product cycle is driving the consumer to spend. That said, we maintain our HOLD rating as margin pressures and SG&A growth are constraining EBIT expansion resulting in a balanced risk/reward profile."

For more ratings news on Nike click here and for the rating history of Nike click here.

Shares of Nike closed at $84.18 yesterday.

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