Pivotal Research analyst Mitch Kummetz reiterated a Buy rating on Nike inc (NKE) today and set a price target of $101. The company’s shares closed last Monday at $88.08, close to its 52-week high of $90.
Kummetz commented:
“We expect another solid quarter, in line with the company’s guidance. With NKE, there are always several factors to consider. There is the global macro, including trade, FX, GDP growth, etc. There are the company-specific strategies, including innovation, direct, speed, etc. All of this is important, and we don’t mean to discount any of it. But, for us, the main lens with which we evaluate NKE is market share. In short, we believe NKE is taking share and expect this to continue, and this is the main reason for our bullishness. At the premium end of the spectrum, two of NKE’s biggest franchises, Max, are two of the strongest performing franchises in the market today, and the company has done well to layer on new programs such as the portfolio.”
According to TipRanks.com, Kummetz is a 4-star analyst with an average return of 5.8% and a 61.6% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nike inc with a $94.83 average price target, a 7.7% upside from current levels. In a report issued on September 10, Wedbush also reiterated a Buy rating on the stock with a $96 price target.
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Nike inc’s market cap is currently $138B and has a P/E ratio of 35.38. The company has a Price to Book ratio of 15.28.
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