Morgan Stanley Lowers NIKE (NYSE:NKE) Price Target to $74.00

NIKE (NYSE:NKE) had its price target dropped by stock analysts at Morgan Stanley from $80.00 to $74.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the footwear maker’s stock. Morgan Stanley’s price target would suggest a potential downside of 4.02% from the stock’s current price.

Several other brokerages also recently commented on NKE. Sanford C. Bernstein cut their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a report on Thursday, September 19th. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. Needham & Company LLC initiated coverage on NIKE in a research note on Friday, November 22nd. They issued a “buy” rating and a $84.00 price target on the stock. Telsey Advisory Group cut shares of NIKE from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $93.00 to $80.00 in a research report on Friday. Finally, Stifel Nicolaus cut their target price on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a report on Monday, August 26th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.81.

NIKE Stock Performance

NYSE:NKE opened at $77.10 on Friday. The stock’s 50-day moving average is $78.18 and its 200-day moving average is $80.77. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The stock has a market cap of $115.60 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. Equities research analysts anticipate that NIKE will post 2.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tempus Wealth Planning LLC grew its holdings in NIKE by 9.6% during the second quarter. Tempus Wealth Planning LLC now owns 3,969 shares of the footwear maker’s stock valued at $299,000 after purchasing an additional 347 shares during the period. AMG National Trust Bank grew its stake in shares of NIKE by 55.6% during the 2nd quarter. AMG National Trust Bank now owns 22,416 shares of the footwear maker’s stock worth $1,689,000 after acquiring an additional 8,012 shares during the period. Capital Advisors Ltd. LLC increased its holdings in NIKE by 39.8% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 3,386 shares of the footwear maker’s stock worth $255,000 after acquiring an additional 964 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in NIKE in the 2nd quarter valued at about $1,849,000. Finally, Patten Group Inc. lifted its holdings in NIKE by 7.2% during the second quarter. Patten Group Inc. now owns 9,330 shares of the footwear maker’s stock valued at $703,000 after purchasing an additional 623 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.