Nike (NKE) Earnings Preview, PT Raised to $170 at Piper Sandler

March 15, 2021 6:25 AM EDT
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Price: $135.45 +1.32%

Rating Summary:
    43 Buy, 7 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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Piper Sandler analyst Erinn Murphy raised the price target on Nike (NYSE: NKE) to $170.00 (from $168.00) and would buy shares ahead of Q3 results on 3/18, AMC. Shares of NKE are down ~1% YTD but the analyst sees Nike fitting a theme that is permanent post-pandemic--the accelerating casualization of the wardrobe.

The analyst reiterated the Overweight rating, stating "For Q3, we expect strength in particular out of China as Nike anniversaries lockdowns LY. We are modeling net sales growth of 12% (vs. Street's 9%) and EPS of $0.77 but expect a strong beat to our EPS. Looking back historically, the Q3 call is when NKE provides a preliminary outlook for the following fiscal year. We are modeled ahead of the Street at $3.93 (Street: $3.91) on 14% net sales & EBIT expansion of 40 bps although we see the latter as very conservative given the digital mix benefit to margins."

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