In a research report issued Friday, Piper Jaffray analyst Erinn Murphy reiterated a Neutral rating on shares of Nike Inc (NYSE:NKE), with a price target of $53.00, after the athletic apparel giant released its annual report on Form 10-K yesterday.
Murphy noted, “While we hear the increasingly prevalent bull narrative, we still would like to see the fundamentals improve in NA before putting new money to work in this name. The promotional activity in the category in NA does not appear to have dissipated (NKE, UAA, and even SKX’ comment’s on the overall domestic landscape). We are looking for signs of consumer uptake to new product & improving trends in NA which we believe are still a few quarters out.”
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Erinn Murphy has a yearly average return of -5.3% and a 49% success rate. Murphy has a -2.0% average return when recommending NKE, and is ranked #4388 out of 4606 analysts.
Out of the 18 analysts polled in the past 3 months, 10rate Nike stock a Buy, while 8 rate the stock a Hold. With a return potential of nearly 3%, the stock’s consensus target price stands at $60.65.