Nike Inc's shares were set to open at a record high on Wednesday after the world's largest sports shoemaker posted stellar quarterly results, driven by online sales.
FILE PHOTO: A silhouette of a woman wearing a protective face shield and a protective face mask is seen near to a Nike logo at a shopping mall on the first day after the government eased restrictions amid the coronavirus disease outbreak in Jakarta, Indonesia, June 15, 2020. REUTERS/Ajeng Dinar Ulfianashares were set to open at a record high on Wednesday after the world's largest sports shoemaker posted stellar quarterly results, driven by online sales.
At least seven brokerages raised their 12-month price targets on the stock with the biggest bump coming from Jefferies analysts, who raised their target to $117 from $95. Jefferies analyst Randal Konik said that improvement in North America is the “biggest positive surprise” from Nike’s results, and expects the Beaverton, Oregon-based company to do well in the long term, as consumers focus more on health and wellness.
Nike’s results should come as a relief to investors after the company, just a quarter ago, reported a surprise loss of $790 million as retailers canceled orders and people kept away from Nike stores in key markets including North America, Europe and China. “Nike offered its clearest signal yet that a higher digital mix and improving margins within the digital segment will push consolidated margins above historical levels,” Credit Suisse analyst Michael Binetti said.Our Standards:
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