(News Bulletin 247) – Wedbush maintains its ‘outperform’ opinion on Nike, while lowering its price target from 145 to 139 dollars, after the publication by the sporting goods supplier of third-quarter results that beat expectations.
The broker notes that while Nike raised its full-year revenue growth forecast, it also lowered its full-year gross margin forecast, leading Jefferies to cut its 2024 EPS estimate from four to three. $82.
He sees a variety of reasons to remain bullish on the record, however, citing a rapid normalization of inventory levels, high brand appeal, the start of a recovery in China and tailwinds ahead on gross margin for fiscal year 2024.
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