In a report released today, Mitch Kummetz from Pivotal Research reiterated a Hold rating on Nike (NYSE: NKE), with a price target of $73. The company’s shares closed yesterday at $72.35, close to its 52-week high of $75.91.
Kummetz noted:
“We also expect NKE to reiterate its FY19 guidance. While a trade war, especially with NKE’s sales) poses some risk, we believe NKE is poised to continue taking market share around the globe in FY19. In short, we have a positive bias towards NKE, but we’re hesitant to be too constructive on the shares at a P/E of 27x; hence our HOLD rating.”
According to TipRanks.com, Kummetz is a 2-star analyst with an average return of 0.7% and a 57.6% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.
Currently, the analyst consensus on Nike is a Moderate Buy with an average price target of $77.54, implying a 7.2% upside from current levels. In a report issued on June 21, UBS also downgraded the stock to Hold with a $78 price target.
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The company has a one-year high of $75.91 and a one-year low of $50.35. Currently, Nike has an average volume of 6.66M.
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