Nike (NKE) Supply Chain Woes Are Short Term in Nature - UBS
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UBS analyst Jay Sole reiterated a Buy rating and $185.00 price target on Nike (NYSE: NKE) after the company's 1Q22 report was disappointing due to supply chain challenges weighing more heavily on Nike's near-term earnings than expected.
The analyst sees this as a short term issue however, stating "our view on the stock remains bullish since we think supply chain issues will get resolved soon and the long-term demand outlook is intact. Nike's 1Q22 results indicated China demand is not worse than feared and North America demand remains robust. We expect Nike to rebound in FY23 and continue to forecast Nike delivering an 18% 4-yr. EPS CAGR. We maintain our $5.50 FY24 forecast and base our PT on 34x this estimate."
Shares of Nike closed at $159.58 yesterday.
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