Oppenheimer analyst Brian Nagel reiterated a Buy rating on Nike (NKE) today and set a price target of $90. The company’s shares closed yesterday at $72.51.
Nagel commented:
“In mid-Oct., as part of a significant enhancement of our consumer universe, we re- launched coverage of Nike (NKE) and upgraded shares to Outperform (10/18/18 at $76.48). NKE is set to report fiscal Q2 (Nov.), after market close, on Dec. 20 th . As we look toward the upcoming announcement, we are encouraged by recent, wide- ranging signals of ongoing, underlying top-line strength at NKE, both domestically and abroad, but concerned somewhat that further relative strengthening in the USD could cause management to once again tweak lower expectations for FY19 (May). Shifts in guidance tend to prove a key, near-term catalyst for Nike shares. We recommend clients use any weakness in NKE as a result of currency-related changes to guidance as a buying opportunity.”
According to TipRanks.com, Nagel is a 4-star analyst with an average return of 5.3% and a 55.8% success rate. Nagel covers the Services sector, focusing on stocks such as Weight Watchers International, Dick’s Sporting Goods, and Advance Auto Parts.
Currently, the analyst consensus on Nike is a Moderate Buy with an average price target of $88.50, which is a 22.1% 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 7.7M.
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