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.