Nike Inc (NYSE: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.
