Nike: Jefferies raises TP after results
(CercleFinance.com) - Jefferies maintains its "buy" rating on Nike shares, having increased its target price for them from $140 to $160, citing higher guidance and margin recovery ahead, a day after the company's quarterly earnings call.
The broker points out that the sporting goods supplier's Q3 revenue came in well above consensus, and believes that " consumer demand remains healthy, driving ample growth potential ahead".
"To this end, margin drivers remain intact, and we expect transitory cost headwinds (~350bps worth) to subside in F'24," it adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker points out that the sporting goods supplier's Q3 revenue came in well above consensus, and believes that " consumer demand remains healthy, driving ample growth potential ahead".
"To this end, margin drivers remain intact, and we expect transitory cost headwinds (~350bps worth) to subside in F'24," it adds.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.