In a report released today, Robert Drbul from Guggenheim maintained a Buy rating on Nike (NKE), with a price target of $90. The company’s shares closed yesterday at $72.93.
Drbul observed:
“We believe NKE has continued to execute along Oct. ’17 Investor Day initiatives and expect the current onslaught of innovation, a healthier retail marketplace in the U.S., and continued DTC growth to drive solid +HSD% top-line growth. Overall, we believe the underlying business remains strong, but we are cognizant of FX. We remain BUY-rated and believe NKE is well-positioned to achieve L-T growth targets through its unique ability to inspire consumers, despite geopolitical uncertainty. Our price target remains $90. 12/20, we share our thoughts on 2Q and the remainder of FY19. Overall, we continue to expect 1) sustainable growth in NA, 2) continued DTC/ Int’l strength, and 3) a return to annual GM expansion. NKE remains a top pick into ’19.”
According to TipRanks.com, Drbul is a 5-star analyst with an average return of 8.2% and a 58.1% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Ascena Retail Group, and Wal-Mart Stores Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nike with a $88.52 average price target, implying a 21.4% upside from current levels. In a report issued on December 4, Macquarie also maintained a Buy rating on the stock with a $98 price target.
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The company has a one-year high of $86.04 and a one-year low of $60.13. Currently, Nike has an average volume of 7.75M.
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