Analysts on Wall Street largely see Nike's latest quarterly results as better-than-expected and think the company is poised to turn around.
Analysts on Wall Street are signaling that Nike may be reaching a turning point. The sneaker behemoth reported mixed fiscal first-quarter results on Thursday, with earnings of 94 cents per share topping forecasts, while revenue of $12.94 billion fell short. Analysts polled by LSEG had anticipated Nike would earn 75 cents per share on $12.98 billion in revenue. It was Nike's first revenue miss in two years. Sales slipped 2% in the U.S.
We continue to think Nike's investments in product innovation, supply chain speed, and digital will unlock a multiyear period of above average growth," Sole said. "Plus, we believe Nike has the brand strength, strategy, skills, resources, and balance sheet to outperform peers through a recession." Goldman Sachs analyst Kate McShane also maintained a buy rating on Nike following quarterly results, which she says were "better-than-feared.
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