Analyst Michael Binetti of Evercore ISI maintained a Buy rating on Nike (NKE – Research Report), retaining the price target of $97.00.
Michael Binetti has given his Buy rating due to a combination of factors that suggest a positive outlook for Nike’s future performance. Despite recent negative sentiment surrounding Nike’s financial adjustments and the anticipated impact on earnings, Binetti believes that these concerns have already been factored into the stock’s current price. The stock has shown resilience, maintaining its value even amidst high short interest and potential downward revisions in earnings projections.
Moreover, Binetti highlights several encouraging indicators that support his optimistic view. Retailers are beginning to respond positively to Nike’s strategic innovations and substantial marketing investments, which are expected to drive growth across various categories. Recent product launches, particularly in the Jordan line, have seen impressive sell-through rates, signaling a return to strong consumer demand. Additionally, future orders for the Fall/Holiday season are showing positive trends, suggesting a potential turnaround in revenue performance. These factors collectively underpin Binetti’s confidence in Nike’s ability to achieve its target price of $97.00.
In another report released today, Needham also maintained a Buy rating on the stock with a $80.00 price target.
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