Nike Gets Boost from Morgan Stanley By Investing.com

By Christiana Sciaudone

Investing.com — Nike (NYSE:NKE) got a price target increase from Morgan Stanley (NYSE:MS), which reiterated its buy-equivalent rating. 

The long-term story is “intact,” Morgan Stanley analyst Kimberly Greenberger wrote in a note, according to CNBC.

Shares were little changed on Wednesday. The stock hit a record in January, and has dropped 11% since then. Sales recovered strongly after a weak initial post-pandemic performance and are expected to have continued to deliver in the quarter ended in May.

Greenberger boosted the price target to $185 from $172, short of a Street-high of $192. 

“Revenue is a well-understood risk in 4Q, & our predictive model’s outlook has improved,” the analyst wrote in a note. “Our online discount tracker suggests GM upside, & SG&A guidance appears conservative, which could drive an EPS beat.”