💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

Why Nike Shares Are Trading Higher Today

Published 22/03/2022, 12:19
© Reuters.  Why Nike Shares Are Trading Higher Today
NKE
-
NIKE34
-
TGTB34
-

Nike Inc (NYSE: NYSE:NKE) shares are trading higher Tuesday after the company reported better-than-expected financial results.

Nike said fiscal third quarter 2022 revenue increased 5% year-over-year to $10.9 billion, which beat the $10.62 billion estimate. The company reported quarterly earnings of 87 cents per share, which beat the estimate of 71 cents per share.

"NIKE’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities," said John Donahoe, president and CEO of Nike.

Related Link: Nike Q3 Earnings Highlights: Revenue And EPS Beat, Digital Sales Growth And More

Analyst Assessment:

  • Credit Suisse (SIX:CSGN) analyst Michael Binetti maintained Nike with an Outperform rating and raised the price target from $160 to $165.
  • Deutsche Bank (DE:DBKGn) analyst Gabriella Carbone maintained Nike with a Buy rating and raised the price target from $173 to $175.
  • Telsey Advisory Group analyst Cristina Fernandez maintained Nike with an Outperform rating and raised the price target from $165 to $170.
  • BMO Capital analyst Simeon Siegel maintained Nike with an Outperform rating and lowered the price target from $170 to $150.
  • JPMorgan (NYSE:JPM) analyst Matthew Boss maintained Nike with an Overweight rating and raised the price target from $162 to $164.
NKE 52-Week Range: $116.75 - $179.10

Nike shares were up 5.46% at $137.30 at press time.

Photo: sbl0323 from Pixabay.

Latest Ratings for NKE

DateFirmActionFromTo
Mar 2022Cowen & Co.MaintainsOutperform
Jan 2022 Wells Fargo (NYSE:WFC)UpgradesEqual-WeightOverweight
Jan 2022Seaport GlobalInitiates Coverage OnBuy
View More Analyst Ratings for NKE

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.