Nike (NKE) Checks Are Reasons for Optimism - Stifel
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Stifel analyst, Jim Duffy, reiterated a Buy rating and $168.00 price target on Nike (NYSE: NKE) noting digital direct trends and positive North American footwear checks are reasons for optimism into year-end despite supply side headwinds.
The analyst stated "Helped by FX, we expect upside to our estimates in F3Q, and see potential for a modest increase to FY21 (May ’21) guidance. NIKE is addressing shortages of high-demand product by prioritizing sales through the higher ASP and higher margin Direct channel. Comparing to pre-COVID results, our F2H21 estimates reflect +9% higher sales and +5% higher earnings than the F2H19 period. Into FY22, we expect NIKE returns towards a normalized model for +HSD or better sales, with gross margin improvement and SG&A leverage. NIKE remains a solid core holding for large cap growth investors, and we recommend investors focus on underlying indicators of demand strength while appreciating that supply constraints remain a challenge in F3Q and into F4Q."
Shares of Nike closed at $141.37 yesterday.
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