Nike: Canaccord Genuity raises target price to 64 dollars.
(CercleFinance.com) - Canaccord Genuity maintains its "hold" rating on Nike shares, although has raised its target price from 50 dollars to 64 dollars after the share price appears to have run "a bit too far too fast recently.
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Nike's stock has jumped 16% over the last month, outperforming a 4% rise in the S&P 500 index, with promotions continuing to be the primary growth driver, Canaccord said.
While the broker thinks the athletic apparel maker's pace of promotions is still too high, the broker belives that there are elements of the business that that should improve gradually in fiscal year 2019 (product innovation, speed to market).
For now, the broker views the risk/reward as balanced, with current valuation leaving little room for error, it added.
Copyright (c) 2017 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.
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Nike's stock has jumped 16% over the last month, outperforming a 4% rise in the S&P 500 index, with promotions continuing to be the primary growth driver, Canaccord said.
While the broker thinks the athletic apparel maker's pace of promotions is still too high, the broker belives that there are elements of the business that that should improve gradually in fiscal year 2019 (product innovation, speed to market).
For now, the broker views the risk/reward as balanced, with current valuation leaving little room for error, it added.
Copyright (c) 2017 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.