On Thursday, Goldman Sachs resumed coverage on Nike, Inc. (NKE) with a bullish rating, as the analysts expect the athletic footwear and apparel giant to be on the verge of multi-year growth.
The analysts rate NKE as “Buy” and see shares reaching $70. This target suggests about a 20% upside to Wednesday’s closing price of $58.45.
Nike, according to the Goldman analysts, is expected to see 18% to 20% EPS growth and 9% organic sales growth in 2014.
The analysts also expect Nike to return more cash to shareholders through dividends and share buybacks.
Nike shares were up 35 cents, or +0.60%, during pre-market trading on Thursday. The stock is up +8.83% over the past year.
The Bottom Line
Shares of Nike (NKE) have a dividend yield of 1.44% based on last night’s closing price of $58.45 and the company’s annualized dividend payout of 84 cents per share.
Nike, Inc. (NKE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.