March 22, 2013 at 11:21 AM EDT
Stifel Nicolaus Raises Price Target on Nike (NKE)

Stifel Nicolaus reported on Friday that it has raised its price target for footwear company, NIKE, Inc. (NKE).

The firm has reiterated a “Buy” rating on NKE, and has increased its price target from $61 to $63. This price target suggests a 4% upside to the stock’s current price of $60.17.

Analyst Jim Duffy commented, “FY3Q revenue and EPS of $6.187bn and $0.73 compared to our estimates for $6.215bn and $0.69 (consensus $6.201bn and $0.67). EPS upside was a function of better than modeled gross margin (44.2% vs. our estimate for 43.8%, $0.01 benefit), lower than modeled SG&A ($17mn below our estimate, $0.01 benefit), lower than modeled tax rate ($0.03 benefit) partially offset by higher other expenses ($0.02 impact). During the quarter, NIKE repurchased 4.9mn shares at an average price of approximately $52.”

Nike shares were up $6.54, or 12.20% during Friday morning trading. The stock has increased 8% in the past year.

The Bottom Line
Shares of NIKE, Inc. (NKE) have a 1.40% yield, based on Friday morning’s price of $59.92.

NIKE, Inc. (NKE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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