(News Bulletin 247) – Jefferies maintains its ‘buy’ recommendation on Nike with a price target raised from 140 to 160 dollars, underlining targets revised upwards and a margin recovery to come, the day after the publication of quarterly reports.
The broker points out that the sporting goods supplier’s revenues have largely exceeded consensus in its third quarter, and believes that ‘consumer demand remains healthy, generating significant growth potential’.
“To that end, margin drivers remain intact and we expect transitory cost headwinds (in the range of 350bps) to subside in fiscal 2024,” he continued. .
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