Nike Inc NKE shares are trading lower Tuesday after the company reported earnings. Several analysts also lowered price targets on the stock following the company's quarterly results.
Nike reported fiscal fourth-quarter revenue of $12.2 billion, which beat the estimate of $12.07 billion, according to data from Benzinga Pro. The company reported quarterly earnings of 90 cents per share, which beat the estimate of 81 cents per share.
North American sales were up 5% in the quarter, with sales up 25% in the EMEA region and up 43% in the APLA region. Nike noted that its China division posted a decline in the quarter.
Related Link: Nike Q4 Earnings Highlights: Sales And EPS Beat, Nike Direct Sales Up 7%, New Share Buyback And More
Nike also announced that its board authorized a new share repurchase program of $18 billion over four years.
Analyst Assessment:
- BMO Capital analyst Simeon Siegel maintained Nike with an Outperform rating and lowered the price target from $142 to $128.
- Citigroup analyst Paul Lejuez maintained Nike with a Neutral rating and lowered the price target from $123 to $116.
- Morgan Stanley analyst Alex Straton maintained Nike with an Overweight rating and lowered the price target from $159 to $149.
- Stifel analyst Jim Duffy maintained Nike with a Buy rating and lowered the price target from $150 to $135.
- Wedbush analyst Tom Nikic maintained Nike with an Outperform rating and lowered the price target from $139 to $130.
NKE Price Action: Nike has traded between $179.10 and $103.46 over a 52-week period.
The stock was down 2.67% at $107.55 at time of publication.
Photo: Pexels from Pixabay.
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