Nike Proves Analysts Wrong, Hits All-Time High

This post was originally published on this site —  Nike (NYSE:NKE)’s trading at an all-time high after reporting results that blew away estimates. Analysts from Morgan Stanley (NYSE:MS) to UBS bumped up their price targets following results.

Shares are up nearly 9%, at around $126.88.

Nike reported fiscal 2021 first quarter earnings per share of 95 cents versus the expected 44 cents, on sales of $10.59 billion compared to the estimated $8.89 billion, according to data compiled by Digital sales rose 82% in the quarter, and represent 30% of Nike’s sales, a goal the company had set for almost three years from now. Sales from Europe to China rose.  

Deutsche Bank (DE:DBKGn) upped the stock to buy from hold with a price target to $151 from $107, calling Nike a “best-in-class consumer brand.”

Deutsche analyst Paul Trussell pointed to the brand’s “innovative” product pipelines in yoga, running and basketball gear

“NKE is a better, more profitable company today than it was a year ago and there is quite a short list of entities that have been able to achieve that,” Trussell said, according to StreetInsider.  

Guggenheim gave the stock its highest price target, at $165. UBS set its price target at $152, and Morgan Stanley at $152.

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