Citigroup on Nike (NKE): We Feel Better Today Than We Did Yesterday
Citi's Kate McShane needed to sleep on Nike's (NYSE: NKE) report and today says she feels better than she did yesterday. She says Nike's ongoing supply chain and investment in products is finally beginning to bear fruit and "should contribute meaningfully to revenues & gross margin expansion" over the long term.
McShane maintains her Buy rating and $60 PT citing the likelihood that signature basketball category is bottoming and continued strength in the company's maintenance of it's market share and buying actions of long-term investors while the stock trades the lower $50 handle.
Overall, McShane is bullish on Nike's secular growth story and says "we think NKE has the scale & brand power to maintain share in still a growing category."
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 $51.79 yesterday.