Goldman Sachs Upgrades Nike (NKE) to Conviction Buy, Sees Summer Olympics Catalyst
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Price: $94.64 --0%
Rating Summary:
32 Buy, 19 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
Rating Summary:
32 Buy, 19 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
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Goldman Sachs upgraded Nike (NYSE: NKE) from Neutral to Buy and added the stock to their Conviction Buy list with a price target of $108.00.
The firm calls Nike a category leader, which they note outperforms the S&P the majority of the time. Compared to other category leaders Nike has the added catalyst of the 2012 Summer Olympics.
Goldman said while sales growth has been stronger than they expected over the past six months, they see opportunity for further acceleration as the company "moves past World Cup compares, take price, sell-in product for the 2012 London Olympics, and begin to sell-in product under the recently acquired NFL license."
In addition to driving sales, the firm notes the Summer Olympics catalyst has in the past driven shares outperformance.
For more ratings news on Nike click here and for the rating history of Nike click here.
Shares of Nike closed at $93.88 yesterday.
The firm calls Nike a category leader, which they note outperforms the S&P the majority of the time. Compared to other category leaders Nike has the added catalyst of the 2012 Summer Olympics.
Goldman said while sales growth has been stronger than they expected over the past six months, they see opportunity for further acceleration as the company "moves past World Cup compares, take price, sell-in product for the 2012 London Olympics, and begin to sell-in product under the recently acquired NFL license."
In addition to driving sales, the firm notes the Summer Olympics catalyst has in the past driven shares outperformance.
For more ratings news on Nike click here and for the rating history of Nike click here.
Shares of Nike closed at $93.88 yesterday.
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