Piper Jaffray reported on Friday that it has initiated coverage of footwear retailer, NIKE, Inc. (NKE).
The firm has begun coverage of Nike with a “Neutral” rating and $64 price target. This price target suggests a 5% increase from the stock’s current price of $61.
An analyst from the firm commented, “we are initiating coverage of NIKE with a Neutral and $64 PT. NIKE is the global leader in athletic and athletic-inspired footwear and apparel and should continue to benefit from international growth, rising mindshare in the U.S. and improving margins. However, we view NKE as fairly valued as shares are trading one-standard deviation above the historical multiple ex-cash, and we expect only modest upside to estimates in the next several quarters. While we have a Neutral view on NKE shares at this time, we believe the growth and margin opportunity is real and would have a more constructive rating at a lower earnings multiple or a more clear path to earnings upside.”
Nike shares were mostly flat during Friday morning trading. The stock has increased 11% in the past year.
The Bottom Line
Shares of NIKE, Inc. (NKE) have a 1.37% yield, based on Thursday’s closing price of $61.20.
NIKE, Inc. (NKE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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