Thursday, June 13, 2024

Creating liberating content

Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
HomeConsumer-GoodsNike Inc. (NYSE:...

Nike Inc. (NYSE: NKE) Stands on Outperform on Growth Opportunities As Per Analysts

Nike Inc. (NYSE: NKE) increases over 1.8% in pre trading session on Monday after the analyst Rick Patel began coverage of Nike (NKE) at Outperform, with a price objective of $99 set. Patel’s endorsement comes as investors have been dismayed by recent commentary on how excess inventory, supply chain snafus, and sluggish consumer demand have reduced profitability.

Rick B. Patel of Raymond James began coverage on Nike Inc (NYSE: NKE) with an Outperform rating and a price target of $99. According to the analyst, Nike’s sales could increase by more than $7 billion from pre-COVID through the end of FY23, while operating profit will rise below $100 million owing to temporary margin challenges.

Patel also stated that Nike shares are down 47% year to date due to the negative impact of increased inventories, China difficulty from COVID policy, and general consumer behavior worries. Following the guide-down in Q1 FY23, the analyst feels that much of the bad news has already been priced into the stock.

He believes Nike has a strong underlying demand and brand strength. He sees NKE in the midst of a multi-year transition to a direct-to-consumer (DTC) strategy. According to Patel, the transition, spearheaded by Digital, will offer significant tailwinds for sales and profitability expansion.

On October 10, Nike (NKE) announced that it has signed Bronny James, the son of NBA superstar LeBron James, to a name, image, and likeness agreement.

The younger James, who just turned 18 last week, was one of four high school and college athletes to sign contracts with the sports footwear and clothing manufacturer.

“Nike has been a part of my family for as long as I can remember,” Bronny James said in a statement, according to ESPN. “Having the opportunity to work with them and continue my family’s history on the court and in the community is incredible; it means a lot to me.”

Nike’s relationship with the James family is strengthened as a result of the agreement. Back in 2015, the older James inked a lifetime contract with Nike that purportedly pays him tens of millions of dollars.

Some of the country’s top universities are interested in recruiting the high school senior.

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

Continue reading

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company, with a substantial market capitalization of $112.57 billion, has seen its shares trade within a...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading session on Wednesday, September 6, 2023. Investors and market aficionados were eagerly awaiting the tech company's...

Nikola Corp. (NASDAQ: NKLA) Hit by Active Sellers on Profit in ‘Short Squeeze’

Shares of Nikola Corp. (NASDAQ: NKLA) drops in early trading session on Monday as the cutting into paper earnings for traders betting against the electric-vehicle company and setting them up for a short squeeze. According to S3 Partners LLC statistics,...

Enjoy exclusive access to all of our content

Get an online subscription and you can unlock any article you come across.