Shares of footwear and apparel manufacturer Nike (NYSE:NKE) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.94, which beat analysts’ consensus estimate of $0.76 per share.
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Sales increased by 2% year-over-year, with revenue hitting $12.94 billion. This missed analysts’ expectations by $60 million.
Nike noted that it returned approximately $1.7 billion to shareholders, with share repurchases making up more than $1.1 billion while dividends contributed the rest.
Is Nike Stock Overpriced?
Overall, Wall Street has a consensus price target of $123.25 on NKE stock, implying 37.51% upside potential, as indicated by the graphic above.
