UPDATE: Bernstein Assumes Nike (NKE) at Outperform

(Updated - March 15, 2022 4:26 AM EDT)

Bernstein analyst Aneesha Sherman assumes coverage on Nike (NYSE: NKE) with a Outperform rating and a price target of $160.00.

The analyst comments "Nike remains the long-term quality play, and today its market position is better than ever, with higher share, more direct sales, more capital light e-commerce sales, better customer feedback and an acceleration in customer growth. It should remain #1 in China, with our proprietary research showing sequential improvement in interest and consistent top scores from Chinese consumers. As DTC investments roll off and input cost inflation is increasingly passed on, we should see a nice margin uptick. Nike is never a cheap stock, but today it trades in line with 2019 levels on better fundamentals. We value it at 35x NTM P/E (vs. 27x current price, 31x precovid high)."

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 $122.63 yesterday.

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