Piper Jaffray Remains Bullish on Nike (NKE) Ahead of 1Q16 Results
Piper Jaffray reiterated an Overweight rating and $120.00 price target on Nike (NYSE: NKE) ahead of the company's 1Q16 earnings results. NKE is scheduled to report its results after market closes on September 24th.
Analyst Erinn Murphy commented, "We are maintaining our OW rating on NKE into Q1's earnings report slated for Thursday, 9/24 after the market close. We continue to favor NKE's story longer-term against the backdrop of a strong athletic cycle. While we believe there is upside to our Q1 $1.18 EPS estimate (Street: $1.19), we note that FX headwinds have stiffened (particularly in emerging markets) and we are more mindful of the 12% sales exposure that NKE has to China. We believe strength in women's apparel, in Europe and at DTC has remained strong. Net-net, we view this quarter as more of a non-event. Beyond Q1, we note the company is hosting its Analyst Day on October 14. We'd anticipate more conversation around the Women's category drivers, manufacturing efficiencies and new innovations--especially on the heels of UA's Analyst Day last week."
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Shares of Nike closed at $115.97 yesterday.