UBS analyst Michael Binetti weighed in on Nike Inc (NYSE:NKE) following a survey on sportswear consumers. Despite fears that the market for sportswear is slowing stemming from Nike’s elevated inventory levels, the survey concluded that these fears are overblown and that the market remains healthy.
Binetti notes that Nike’s fundamentals remain strong and highlights that the store still manages to sell out of specific products. Even though Under Armour and Adidas are beginning to challenge Nike in the footwear market, the analyst assures that Nike remains the dominant player in the field.
Following survey results, Binetti reiterates a Buy rating on Nike with an unchanged price target of $70.
According to TipRanks, Binetti has a 60% success rate recommending stocks with a +7.1% average annual return per rating.