(News Bulletin 247) – Jefferies remains Buy and maintains its target price of $140 on Nike shares.
‘Interest in sports shoes was strong during the holiday season and has remained high since the beginning of the year’, notes the broker who, given these positive trends, expects strong third quarter results from Nike.
“Especially as the data suggests China is improving and Adidas’ recent weakness could allow Nike to make further share gains,” Jefferies said.
While the stock isn’t cheap, Jefferies maintains its long-term buy rating ‘based on the company’s track record of innovation’.
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