UPDATE: Nike (NKE) PT Raised to $174 at BMO Capital After Reporting Highest EBIT Margin in Years
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(Updated - June 25, 2021 7:11 AM EDT)
BMO Capital analyst Simeon Siegel raised the price target on Nike (NYSE: NKE) to $174.00 (from $160.00) after the company posted a broad-based beat, with better revenues and the highest 4Q EBIT margin in years. Management introduced meaningfully higher LT targets: HSD-LDD average annual revenue growth, driven by Women’s, Apparel, Jordan, Digital &International.
The analyst reiterated an Outperform rating, stating "Although DTC should drive higher GMs, Wholesale actually carries higher EBIT rates of the two (industry-wide), a topic we have done deeper work on. We continue to believe NKE’s size/scale offers compelling LT competitive advantage." "Despite its already off the chartsscale, management provided an impressive multi-year/FY25 growth algorithm. Within this, FY22 revenues were guided +LDD (vs. Street’s ~9%). GM to expand ~125-150bps and SGA to deleverage slightly."
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