NIKE (NYSE:NKE) Price Target Cut to $90.00 by Analysts at Bank of America

NIKE (NYSE:NKE) had its price target decreased by equities researchers at Bank of America from $95.00 to $90.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the footwear maker’s stock. Bank of America‘s price target would indicate a potential upside of 16.73% from the company’s previous close.

A number of other analysts also recently commented on the company. Needham & Company LLC began coverage on NIKE in a report on Friday, November 22nd. They set a “buy” rating and a $84.00 price objective for the company. Royal Bank of Canada dropped their price target on NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company reduced their price objective on NIKE from $95.00 to $92.00 and set an “overweight” rating on the stock in a research note on Monday. Barclays decreased their target price on NIKE from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Finally, Morgan Stanley reduced their price target on shares of NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and an average price target of $90.81.

NIKE Trading Up 0.3 %

NYSE NKE opened at $77.10 on Friday. The company has a market cap of $115.60 billion, a P/E ratio of 22.09, a P/E/G ratio of 1.89 and a beta of 1.02. NIKE has a 12 month low of $70.75 and a 12 month high of $123.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The company has a 50-day moving average of $78.18 and a 200-day moving average of $80.77.

NIKE (NYSE:NKE) last released its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion during the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. NIKE’s revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.03 earnings per share. As a group, equities analysts predict that NIKE will post 2.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after purchasing an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP increased its holdings in NIKE by 5.1% in the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after buying an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC raised its stake in NIKE by 1.0% during the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after buying an additional 251,411 shares in the last quarter. Legal & General Group Plc lifted its holdings in NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after buying an additional 571,544 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after acquiring an additional 583,207 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.