Canaccord Genuity Maintains a 'Hold' on Nike (NKE); Believe Risk/Reward Still Skewed to Downside
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Price: $93.05 -1.68%
Rating Summary:
32 Buy, 19 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
Rating Summary:
32 Buy, 19 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
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Canaccord Genuity maintains a 'Hold' on Nike (NYSE: NKE) price target raised to $104.00.
Analyst, Camilo Lyon, said, "NKE's Q3/12 EPS of $1.20 vs. our $1.09 and the Street's $1.16 was primarily driven by lower expenses, while higher input costs and elevated inventory levels continue to weigh on gross margin. In-line revenue growth of 15% and futures orders +18% constant currency are impressive; however, EPS guidance for both FQ4 and F2013 came in below consensus estimates. With little in this release that compels us to get excited about the stock, particularly in light of it trading at a peak 21x forward multiple vs. 17x historical multiple, we believe the risk/reward is skewed to the downside and prefer to play the cycle strength via BUY-rated Foot Locker (NYSE: FL) and Dick's Sporting Goods (NYSE: DKS)."
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 $110.99 yesterday.
Analyst, Camilo Lyon, said, "NKE's Q3/12 EPS of $1.20 vs. our $1.09 and the Street's $1.16 was primarily driven by lower expenses, while higher input costs and elevated inventory levels continue to weigh on gross margin. In-line revenue growth of 15% and futures orders +18% constant currency are impressive; however, EPS guidance for both FQ4 and F2013 came in below consensus estimates. With little in this release that compels us to get excited about the stock, particularly in light of it trading at a peak 21x forward multiple vs. 17x historical multiple, we believe the risk/reward is skewed to the downside and prefer to play the cycle strength via BUY-rated Foot Locker (NYSE: FL) and Dick's Sporting Goods (NYSE: DKS)."
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 $110.99 yesterday.
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