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NIKE, INC.

(NKE)
  Report
Delayed Nyse  -  04:00 2022-12-09 pm EST
109.42 USD   -1.74%
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Nike Shares Hit 52-Week Low as Analysts Cut Targets, But Not Ratings

09/30/2022 | 02:13pm EST

By Dean Seal


Shares of Nike Inc. fell more than 13% to a 52-week low of $82.50 on Friday after delivering a downbeat outlook that pushed Wall Street analysts to cut their price targets for the company, though not their ratings of the stock.

The shoe manufacturer reported after the bell on Thursday that its inventories were up 44% to $9.7 billion in the latest quarter and its bottom line was pressured by higher discounts and freight costs.

Shares started sliding in off-hours trading, and continued to tumble in premarket trading on Friday as analysts cut their price targets for Nike, but notably declined to downgrade the stock's rating.

UBS analysts said in a research note that while Nike's latest quarter shows some challenges in the near term, the company continues to be a long-term outperformer as it accelerates its consumer direct business and its business in China continues to rebound.

Analysts at Credit Suisse trimmed their price target to reflect Nike's conservative guidance, but noted that there is "opportunity in the dip" that the company's stock is experiencing.

JPMorgan analysts cut their price target based on the company's earnings expectations, but said its brand momentum across markets has been sustainable and provides insulation to macroeconomic volatility.

Analysts at Stifel said strong demand during the latest quarter was overshadowed by Nike's inventory woes and foreign exchange headwinds. But clearances pressures should reverse by fiscal year 2024, they said.

"Given Nike's track record for successfully navigating difficult macro environments, we are comfortable extending our time horizon for valuation to FY24," the Stifel analysts said in a note.

Wedbush analyst Tom Nikic also took on an optimistic tone. In a note, he said that with Nike's latest guidance, the stock should now move higher if growth in its Chinese business recovers, inventory growth moderates, demand gets kick-started by upcoming sporting events and consumers respond positively to new innovations in its product lines.

"We do have confidence in [Nike's] ability to navigate choppy waters and emerge more rapidly from the current disruption than most other brands we cover," Mr. Nikic said.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

09-30-22 1412ET

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Analyst Recommendations on NIKE, INC.
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Financials (USD)
Sales 2023 48 948 M - -
Net income 2023 4 706 M - -
Net cash 2023 3 108 M - -
P/E ratio 2023 36,1x
Yield 2023 1,13%
Capitalization 171 B 171 B -
EV / Sales 2023 3,43x
EV / Sales 2024 3,17x
Nbr of Employees 79 100
Free-Float 79,5%
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Technical analysis trends NIKE, INC.
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 37
Last Close Price 109,42 $
Average target price 110,22 $
Spread / Average Target 0,73%
EPS Revisions
Managers and Directors
John J. Donahoe President, Chief Executive Officer & Director
Matthew Friend Chief Financial Officer & Executive Vice President
Mark G. Parker Executive Chairman
Andrew Campion Chief Operating Officer & Executive Vice President
Alan B. Graf Independent Director
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