Stifel highlighted the company’s return to top-line growth and a better-than-expected first quarter performance as indicators that its business turnaround may be gaining traction.
Nike Inc. (NKE) received a revised price target from Stifel, which increased its price target to $68 from $64, while maintaining a ‘Hold’ recommendation on the stock.
Stifel cited encouraging signs in Nike’s latest quarterly results, highlighting the company’s return to top-line growth and a better-than-expected first quarter (Q1) performance as indicators that its business turnaround may be gaining traction, according to TheFly.
In Q1, Nike’s revenue of $11.72 billion and earnings per share (EPS) of $0.49 both surpassed the analysts’ consensus estimate of $10.98 billion and $0.27, respectively, according to Fiscal AI data.
Piper Sandler also raised its price target on the stock to $84 from $80 and reiterated a ‘Overweight’ rating. Nike stock traded over 3% higher in Wednesday’s premarket.
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