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Earnings Preview: Nike Inc. (NYSE: NKE)
By: 24/7 Wall St. | December 19, 2022
• Here is a preview of four companies set to report results Tuesday.
Nike
Over the past 12 months, shares of athletic gear maker Nike Inc. (NYSE: NKE) have declined by about 35%. For the year to date, the Dow component is the fourth-worst performer, down 36.4% and 35.7% lower since its 52-week high posted lasted December. The company’s chief financial officer already has commented that gross margins could fall by as much as 4% in the quarter, the result of steep discounts on high inventory levels of out-of-season goods. Nike reports results after markets close Tuesday.
Of 36 brokerages covering the stock, 24 rate the shares a Buy or Strong Buy. The rest have a Hold rating. At a share price of around $105.10, the upside potential based on a median price target of $125.00 is about 14.2%. At the high price target of $185.00, the implied upside is 76%.
For the company’s second quarter of fiscal 2023, revenue is expected to come in at $12.57 billion, down 0.9% sequentially but up 10.7% year over year. Adjusted EPS are forecast at $0.65, down 29.9% sequentially and by 21.7% year over year. For the full fiscal year ending in May, current estimates call for EPS of $2.98, down 30.1%, on sales of $49.09 billion, up about 5.1%.
Nike stock trades at 35.2 times expected 2023 EPS, 27.7 times estimated 2024 earnings of $3.79 and 22.6 times estimated 2025 earnings of $4.64 per share. The stock’s 52-week range is $85.22 to $171.19. Nike pays an annual dividend of $1.36 (yield of 1.28%). Total shareholder return for the past year was a negative 35%.
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Nike (NKE) Price Target Increased to $122.00 by Analysts at Cowen
By: MarketBeat | December 16, 2022
• NIKE (NYSE:NKE) had its target price boosted by research analysts at Cowen from $118.00 to $122.00 in a note issued to investors on Friday, The Fly reports. Cowen's price objective points to a potential upside of 12.43% from the company's previous close...
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Nike, Inc. (NKE) EVP Sells $579,150.00 in Stock
By: MarketBeat | December 15, 2022
• NIKE, Inc. (NYSE:NKE) EVP Monique S. Matheson sold 5,000 shares of the firm's stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $115.83, for a total value of $579,150.00. Following the transaction, the executive vice president now directly owns 60,213 shares in the company, valued at approximately $6,974,471.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink...
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AMD, Nike, Zillow among UBS stock picks with the 'highest conviction' for 2023
By: Morningstar | December 14, 2022
Bearish plays for the new year include Nordstrom, Shopify, and IBM
'Tis the season for 2023 stock picks, and UBS analysts are out with their favorites, which include chipmaker Advanced Micro Devices Inc., retailer Target Corp., and footwear powerhouse Nike Inc.
"We've focused on stocks where we believe our analysts have a differentiated view vs. consensus, and where we have interesting or proprietary data source," UBS strategist Keith Parker wrote in a note to clients highlighting the top picks. The names on UBS's list represent the "highest conviction" calls, the note stated.
AMD shares (AMD) have shed roughly half their value so far this year, but UBS analyst Timothy Arcuri sees better days ahead.
"We see AMD as poised for rebound in the near-term especially on the back of the peak PC digestion year in CY22," he wrote.
See also: Why Nvidia is this analyst's top stock pick for 2023
Arcuri also likes the broader setup for chip stocks, and AMD's place within it.
"A major buy signal has typically been when inventory growth peaks relative to revenue growth," he said. "Based on what companies have reported for CQ3, it is clear that this DELTA has peaked and it's most likely to compress from this point on as we have observed some inventory digestion taking place in certain pockets of the supply chain. In other words, this leading indicator is suggesting a positive green signal for semis stocks."
Read: Mastercard, Fiserv and more payments stocks dubbed favorites for 2023
In tabbing Nike (NKE), his colleague Jay Sole wrote of the company's potential to grow at a high-single-digit or low-double-digit annual rate, on the back of drivers like market-share gains and mix shifts in buying channels.
"We believe the market doesn't fully appreciate how Nike's investments in product innovation, supply chain, and e-commerce are working in concert to drive unit growth and ASP increases," Sole wrote, referring to the average selling price.
While the athleisure trend might be changing, he still sees growth in the industry, and views Nike as well positioned to capitalize on its evolution.
"Athleisure is still about comfortable and casual attire, but is moving away from 'performance' to more 'streetwear' styles," he wrote. "Fortunately for Nike, sneakers are at the center of streetwear culture and consumers accept it as a streetwear brand."
Fellow UBS analyst Michael Lasser likes Target (TGT), which has seen its stock slide by about a third this year amid an inventory glut. The company incurred about $2 billion to $3 billion in costs around markdowns, cancellation fees, excess storage, and other areas.
"We believe these costs were one-time in nature and barring any rapid change in the consumer landscape, we do not expect them to repeat next year," Lasser wrote. "This leaves a sizable margin recapture opportunity in CY'23 once the retailer anniversaries these expenses."
Lloyd Walmsley of UBS likes Zillow Group Inc. (Z) (Z), the online real-estate stock that's also had a tough 2022, falling about 40% so far on the year.
"We see multiple credible paths to meaningfully grow the number of Zillow-attributed transactions through '25," he wrote. "In touring, if Zillow can close half the gap on fulfilled tour requests, that alone could drive an 88% lift in transactions, by our math, and moving the touring mix of leads from 50% to 65% of leads could drive an additional 15% lift in transactions."
Others among the top 23 bullish picks include Allstate Corp. (ALL), Charles Schwab Corp. (SCHW), Gitlab Inc. (GTLB), and Yum! Brands Inc. (YUM)
Don't miss: Netflix, Workday, Costco, Caterpillar and more stocks are among Cowen's favorites for 2023
Not all UBS analysts went with bullish calls as they thought about their highest conviction picks. Ten tabbed bearish bets: Nordstrom Inc. (JWN), Vale SA (VALE3.BR), Kennametal Inc. (KMT), International Business Machines Corp. (IBM), Shopify Inc. (SHOP.T), Southern Copper Corp. (SCCO.VL), Teva Pharmaceutical Industries (TEVA.TV), Campbell Soup Co. (CPB), Western Union Co. (WU), and Williams-Sonoma Inc. (WSM)
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Monique S. Matheson Sells 10,000 Shares of Nike, Inc. (NKE) Stock
By: My MarketBeat | December 8, 2022
• NIKE, Inc. (NYSE:NKE) EVP Monique S. Matheson sold 10,000 shares of the business's stock in a transaction on Wednesday, December 7th. The stock was sold at an average price of $108.16, for a total value of $1,081,600.00. Following the transaction, the executive vice president now owns 60,213 shares in the company, valued at $6,512,638.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink...
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Nike (NKE) Given New $120.00 Price Target at Royal Bank of Canada
By: My MarketBeat | December 7, 2022
• NIKE (NYSE:NKE) had its target price upped by analysts at Royal Bank of Canada from $115.00 to $120.00 in a report issued on Wednesday, The Fly reports. Royal Bank of Canada's price target would indicate a potential upside of 11.18% from the company's current price...
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Nike remains 'fairly elevated' - RBC Capital
By: Investing.com | December 7, 2022
Nike 's (NYSE:NKE) price target was raised to $120 from $115 by RBC Capital analysts in a research memo Wednesday previewing the company's fiscal second quarter.
The analysts, who maintained an Outperform rating on the stock, said investor skepticism remains "fairly elevated" for sporting goods and Nike ahead of 2Q23E earnings on December 20.
However, they added that if Nike can deliver low double-digit revenue growth with no change to FY23E guidance, and no major surprises for China, despite COVID headwinds, then sentiment on Nike could further improve.
"We forecast 2Q23E group revenues of $12.67bn (+12% reported, +17% cFX), gross margin of 42.1% (-380bps yoy), EBIT of $1.27bn (10.1% margin) and diluted EPS of $0.64," the analysts wrote.
"We expect higher markdown stance in N America and to a lesser extent EMEA to support revenue growth (both +18% cFX) which are stable on 2yr stacks. We observe market leading online brand heat metrics for both website traffic and social media momentum for Nike relative to peers, despite outsized absolute levels (traffic volume and follower count)," they added.
They also noted that points to watch out for include signs of improvement in China trends, progress on excess inventory liquidation, insight into new product introductions for lifestyle and performance footwear for 2023, and FY23E guidance changes.
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Nike Larger ~ 1.03 million shares at $109.62 #darkpool print pre-market
By: Money Flow Mel | December 6, 2022
• $NKE Larger #darkpool print pre-market ~ 1.03 million shares at $109.62.
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Traders Buy Large Volume of NIKE Call Options (NKE)
By: MarketBeat | December 2, 2022
• NIKE, Inc. (NYSE:NKE - Get Rating) was the target of some unusual options trading activity on Friday. Traders acquired 58,611 call options on the stock. This is an increase of approximately 27% compared to the typical volume of 46,139 call options...
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Nike, Inc. (NKE) Receives Average Rating of "Moderate Buy" from Analysts
By: MarketBeat | November 26, 2022
• NIKE, Inc. (NYSE:NKE - Get Rating) has received an average recommendation of "Moderate Buy" from the thirty-five ratings firms that are presently covering the firm, Marketbeat reports. Twelve investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $115.25...
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Nike $NKE is the jersey sponsor for 40% of the teams playing in the World Cup
By: StockMKTNewz | November 19, 2022
• Nike $NKE is the jersey sponsor for 40% of the teams playing in the World Cup.
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Nike (NKE) PT Set at $141.00 by UBS Group
By: Market Beat | November 14, 2022
• NIKE (NYSE:NKE - Get Rating) received a $141.00 price objective from stock analysts at UBS Group in a research report issued to clients and investors on Monday, Borsen Zeitung reports. UBS Group's target price points to a potential upside of 33.90% from the stock's current price...
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Nike hikes quarterly dividends by 11% to $0.305 per share
By: The Transcript | November 16, 2022
• Nike hikes quarterly dividends by 11% to $0.305 per share.
$NKE CEO: "Today’s announcement marks Nike’s 21st consecutive year of increasing dividend payouts"
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Nike (NKE) Forecasting The Rally After Elliott Wave Double Three Pattern
By: Markets & Mayhem | November 14, 2022
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of NIKE (NKE) stock , presented in members area of the of our website. As our members know, NIKE has been showing higher high bullish sequences in the cycle from the 82.14 low. Consequently , we recommended members to avoid selling the stock and keep favoring the long side toward 102.69-111.27 area . Recently we got nice 3 waves pull back that unfolded as Elliott Wave Double Three Pattern. The stock found buyers and made rally toward new highs. In further text we are going to explain Elliott Wave Forecast and Double Three Pattern.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.
NIKE Elliott Wave 1 Hour Chart 11.10.2021
The stock has made 5 waves up in the rally from the 88.71 low. Currently NIKE is doing (B) blue correction that is unfolding as Elliott Wave Double Three Pattern with WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). Then we got 3 waves bounce in X red finally doing Y red that also should have corrective sequences. We expect buyers to appear soon and to get another leg up. It's important that 88.71 pivot holds for a proposed view.
NIKE Elliott Wave 1 Hour Chart 11.11.2021
The stock completed wave (B) blue pull back as a clear 7 swing pattern. The buyers appeared and we got rally toward new highs. NIKE should ideally keep find buyers in 3,7,11 swings. We expect further strength toward our proposed target 102.69-111.27 area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Source: https://elliottwave-forecast.com/elliottwave/nike-nke-elliott-wave-double-three/
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$NKE Nike flashes a TW Pivot buy signal on the monthly after price bounces off the Volume PoC!
By: TrendSpider | November 6, 2022
• $NKE Nike flashes a TW Pivot buy signal on the monthly after price bounces off the Volume PoC!
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Nike Inc. (NKE) 50D now needs to be cleared
By: Options Mike | November 6, 2022
• $NKE Think this one moved on China Covid policy change.
Not true so far. 50D now needs to be cleared.
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Best Performer in the DJIA is Nike Inc ClsB. $NKE
By: Thom Hartle | November 4, 2022
• Today (8:33 CST), the best performer in the $DJIA is NIKE Inc ClsB. $NKE.
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Nike Receives Consensus Rating of "Moderate Buy" from Analysts
By: MarketBeat | November 1, 2022
• Shares of NIKE, Inc. (NYSE:NKE - Get Rating) have received a consensus recommendation of "Moderate Buy" from the thirty-five brokerages that are covering the stock, MarketBeat reports. Twelve research analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $114.96...
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Nike (NKE) Short Interest Update
By: MarketBeat | October 31, 2022
• NIKE, Inc. (NYSE:NKE - Get Rating) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 18,040,000 shares, an increase of 12.5% from the September 30th total of 16,040,000 shares. Currently, 1.5% of the shares of the company are short sold. Based on an average trading volume of 8,230,000 shares, the short-interest ratio is currently 2.2 days...
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Nike SIZE ~ 1.53 Million Shares at $89.47 #darkpool print
By: Money Flow Mel | October 20, 2022
• $NKE SIZE #darkpool print ~ 1.53 million shares at $89.47.
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$NKE & $NVDA ~ $137M Dark Pool Prints
By: Cheddar Flow | October 20, 2022
• $NKE & $NVDA ~$137M Dark Pool Prints
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Nike (NKE) PT Set at $110.00 by Credit Suisse Group
By: MarketBeat | October 17, 2022
• NIKE (NYSE:NKE - Get Rating) received a $110.00 price objective from equities researchers at Credit Suisse Group in a research note issued to investors on Monday, Borsen Zeitung reports. Credit Suisse Group's price target suggests a potential upside of 25.64% from the company's previous close...
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Bear of the Day: Nike, Inc. (NKE)
By: Zacks Investment Research | October 17, 2022
Nike, Inc. (NKE) tumbled after it released its quarterly results on September 29 as is warned Wall Street that soaring inventory would eat away at its profit margins. The sportswear titan, like many others, is struggling to stay ahead of the curve when it comes to consumer demand amid ongoing supply chain bottlenecks.
Nike’s post-earnings release drop is part of a much longer downturn that’s seen NKE shares sink 44% in the past 12 months alongside many other consumer discretionary stocks.
Nike’s Story
Nike remains one of the heavyweight champions of sportswear. The company has continued to adapt and create trends to help fend off improved challenges from Adidas, Lululemon (LULU), and many smaller digital-native brands.
The iconic Swoosh is attached to many of the most popular sports, athletes, and cultural icons on the planet. This helps Nike stand out as one of the most valuable brands, alongside the likes of Coca-Cola and Apple.
Nike continues to invest in its future through multiple shopping apps and its massive, wide-ranging digital marketplace. Nike is all-in on its own e-commerce and direct-to-consumer offerings, having cut ties with many retailers, all of which are great for margins and maintaining its brand cachet.
That said, it’s facing a rough near-term outlook as it continues to find it difficult to navigate the rocky supply chain ecosystem and it’s getting crushed by the strong U.S. dollar. Plus, Nike is finding it somewhat of a challenge to adapt to rapidly changing shopping patterns as more consumers tighten their purse strings.
Image Source: Zacks Investment Research
Nike’s Q1 FY23 (recently-reported quarter) revenue popped by nearly 4% and 10% on a currency-neutral basis. The company direct-to-consumer segments continue to fuel sales growth. Despite its top-line expansion, the firm’s adjusted earnings tumbled 20% YoY as higher costs and surging inventory levels took a chunk out of its profits.
Nike said that its inventories soared 44% to $9.7 billion in the latest quarter, “driven by volatility in transit times in North America, strategic decisions to buy inventory for future seasons earlier, and lower inventory levels due to last year's factory closures in Vietnam and Indonesia.”
Bottom Line
Nike’s consensus earnings estimates have crumbled recently to help it land a Zacks Rank #5 (Strong Sell). NKE’s Shoes and Retail Apparel industry is also in the bottom third of over 250 Zacks industries. And it lands “F” grades for Value and Momentum in our Style Scores system.
Nike’s 1.4% dividend yield is nothing to write home about and it’s still not “cheap” in terms of forward earnings. And Nike is being forced to mark down its offerings heading into the vital holiday shopping season.
Zacks estimates call for Nike’s adjusted FY23 earnings to slide 17% to $3.13 per share on 5% stronger sales. The company is then set to post 9% sales growth the following year and 27% higher earnings to climb above its FY22 levels.
The long-term bullish case for Nike is somewhat firmly intact. Yet, investors might want to stay away from the stock for now given all of the economic uncertainty and inventory setbacks.
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$NKE Shorter dated repeat CALL flow coming in to the 10/21 $89 CALLS
By: Money Flow Mel | October 14, 2022
• $NKE Shorter dated repeat CALL flow coming in to the 10/21 $89 CALLS.
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Nike May Trip Over its Direct-to-Consumer Efforts
By: TheStreet | October 13, 2022
• Sports equipment maker is sitting on much more inventory than usual.
Months of surging pandemic demand followed by supply chain issues and a fear of understocking has led many industries to a position where they need to burn through inventory in the coming months.
Nike (NKE) finds itself in a situation when companywide inventory is up 44%. In North America it's up 65%. Comparatively, Nike inventory was flat year over year in 2021 and was up 15% in 2020.
"There are record high levels of inventory across the sector with demand slowing. Nike's 150 [basis points] increase in markdown pressure one quarter into the company's calendar [fiscal year] is indicative of a fragile environment," Cowen's John Kernan said, Retail Dive reported.
But unlike other companies with inventory issues, some are arguing that recent changes to the retail focus at Nike is contributing to their issues.
Back in February, Foot Locker (FL) admitted that its "largest vendor is accelerating its DTC (direct-to-consumer) strategy."
The strategy seems to have worked on the front end.
Nike just reported Nike Digital's highest net revenue quarter ever, as the company's online marketplace saw its highest traffic in history during the most recent quarter.
Nike says it has been focused on creating one-to-one connections by delivering "personalized consumer journeys and experiences."
The company's SNKRS casual footwear platform saw 3.8 million member entries just for the Travis Scott AJ1 that was released in July.
But all that success could have a hidden cost, according to retailers.
Nike's Double Edge Sword
"Our partners are and will remain a vitally important part of our marketplace strategy," CEO John Donahoe said during the company's most recent earnings call.
Despite those assurances, Foot Locker says that Nike purchases will make up 60% of its total this year, down from 75% in 2020 and 70% in 2021.
“Both JD Sports and Foot Locker are magnets for exactly the customer Nike wants to sell to. And now that the landscape has shifted, having a small army of retail partners ready to do everything to shift one more unit can make all the difference,” Richard Hammond, founder and CEO of customer analytics firm Uncrowd told Retail Dive.
Retail relationships offer predictability, according to some. Store floors and stockrooms have finite capacities, and the turnover rates in stores are fairly steady.
Nike's DTC strategy is less predictable, Jeffrey Sward, CEO at Merchandising Metrics told RD.
Nike Invests in DTC
Nike has spent a lot of time and money upgrading its DTC experience to entice shoe and apparel shoppers to go through the companies own avenues.
This week, the company offered shoppers another carrot, by making it easier for normal people to get access to the company's more exclusive releases.
Under updated rules, Nike says it can cancel orders placed with automated ordering software or technology on its website or apps.
The company also said it could charge restocking fees, decline to issue refunds and suspend or close the accounts of people using its direct-to-consumer channels to resell items. The company also reserves the right to impose purchase quantity limits.
All of these measure are designed to keep bots and resellers from dominating the secondhand selling market.
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Nike, Lululemon Initiated with Positive Ratings at Raymond James
By: Investing.com | October 13, 2022
Raymond James started Nike (NYSE:NKE) with an Outperform rating and Lululemon Athletica (NASDAQ:LULU) with a Strong Buy rating in a note focused on global athletic brands on Thursday.
Raymond James analysts set a price target of $345 on Lululemon, telling investors the firm thinks it is one of the highest quality companies among global brands "with a strong yet still emerging brand that should double revenue from 2021-2026."
"LULU has one of the highest growth rates among peers as it scales its core business further while also diversifying across channels, geographies, and categories. Its operating margins are amongst the highest of global brands, and we see room for expansion with a strong topline, which should enable EPS growth (estimate +20% CAGR in 2021-2024) to outpace revenue (+estimate +17% CAGR from 2021-2024)," they wrote.
"We expect LULU's visionary management team (led by Calvin McDonald), history of solid execution, and consistency of strong results to continue driving positive momentum," they added.
On Nike, the analysts assigned a $99 per share price target. They assigned Nike's share price decline to the negative impact of elevated inventories for Nike and the category, China weakness from its COVID policy, and general concerns about the consumer.
"NKE's guidance (midpoint) implies it plans to have $7B+ more in revenue in FY23 versus the four quarters pre-COVID, but only <$100M more in EBIT over the same period. Following the guide-down in F1Q23, we believe much of the bad news is priced into the stock. Importantly, we view Nike's underlying demand and brand strength as strong based on our survey of >525 consumers," the analysts wrote.
"Big picture, we see NKE in the middle innings of a multi-year journey to transform into a direct-to-consumer model."
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Nike Takes on Bots, Sneakerheads Rejoice
By: TheStreet | October 12, 2022
• Nike has a plan to combat the bots that dominate the secondhand sneaker market.
Sneaker culture just got an early Christmas present Wednesday after Nike (NKE) changed the rules for online selling, targeting the bots and resellers that everyone hates.
It's nearly impossible to get to the front of the online line when the most popular shoes drop as users with bots computer programs use automation to snap up the limited releases.
Usually, these buyers aren't even hanging onto the shoes. In short order, more entrepreneurial users look to flip the rarest sneakers for ludicrous profits over what they paid for the shoes.
After years of complaints online, Nike is taking steps to even the playing field for the less tech savvy.
Under updated rules, Nike says it can cancel orders placed with automated ordering software or technology on its website or apps.
The company also said it could charge restocking fees, decline to issue refunds and suspend or close the accounts of people using its direct-to-consumer channels to resell items. The company also reserves the right to impose purchase quantity limits,
Underground Sneaker Culture
Sneakerheads consider themselves to be modern day art collectors, with the latest drops from Jordan Brand, Kanye's Adidas, and Lebron James being treated like paintings from Picasso, Renault and Basquiat.
The rarer the shoe, the more resale value the sneaker has. The sneaker resale market is worth $6 billion, globally, according to shoe review site RunRepeat, with the U.S. market accounting for $2 billion annually.
Sneakers make up 25% of the entire secondhand apparel market.
The markups for the sneakers are crazy on the secondhand market. The Nike Air Yeezy 1 "Grammy" sample sold for a record $1.8 million last year through famed auction house Sotheby's.
A pair of Jordan 1's hold the second spot with a $615,000 resale.
Nike has mad the secondary market a priority in recent months.
Last year, Nike claimed that secondhand market StockX was allowing counterfeit versions of its sneakers on the platform in a lawsuit against the company.
The Big Picture at Nike
Nike's latest move was met with mostly positive reactions of social media.
* * *
But the company still has an uphill battle after saying last month that "higher markdowns" will be needed to reduce its bloated global inventory, pressuring profit margins for the world's biggest sports apparel company.
Nike, which topped Street forecasts for its first quarter earnings by a penny, posting a bottom line of 93 cents per share on revenues of $12.7 billion, said inventories rose 44% from last year to $9.7 billion, with an unprecedented 65% surge in its key North American market.
Nike said shifting the goods will likely narrow margins by between 2% and 2.5%, with most of the pressure coming during the current quarter. A surging U.S. dollar, which hit a fresh 20-year peak against its global currency peers earlier this week, will likely clip $4 billion from its annual revenue forecast, Nike said.
The inventory surge "reflects the combination of late delivery for the past two seasons plus early holiday orders that are now set to arrive earlier than planned and a prior year that was impacted by factory closures in Vietnam and Indonesia," CFO Matthew Friend told investors on a conference call late Thursday.
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Nike (NKE) Given a $110.00 Price Target by Credit Suisse Group Analysts
By: MarketBeat | October 10, 2022
• NIKE (NYSE:NKE - Get Rating) has been assigned a $110.00 price target by investment analysts at Credit Suisse Group in a research report issued to clients and investors on Monday, Borsen Zeitung reports. Credit Suisse Group's target price would indicate a potential upside of 29.02% from the stock's current price...
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Nike suspends relationship with Hockey Canada amid sex assault allegations
By: Investing.com | October 7, 2022
(Reuters) - Nike Inc (NYSE:NKE) has decided to suspend its relationship with Hockey Canada as the national governing body faces increased scrutiny over its handling of sexual assault allegations, the world's largest sportswear maker said on Friday.
Nike is the latest sponsor to cut ties with Hockey Canada, which has been under fire since news broke in May of an alleged group sexual assault involving members of the country's 2018 world junior team and subsequent out-of-court settlement.
Despite a freeze in funding by the federal government and mounting calls for wholesale changes, Hockey Canada's interim board chair earlier this week defended the current leadership in place at the national governing body.
"After further review of Hockey Canada's response, we've suspended our relationship with the federation and paused our support," Nike said in a statement obtained by Reuters.
"We'll continue to monitor the situation and await more information regarding Hockey Canada's actions to address the findings in these investigations and create a safe environment for all athletes."
Hockey Canada did not immediately respond to a request for comment.
The allegations against the unnamed players have not been proved in court but the Canadian federal government froze funding to the national governing body over its handling of the alleged sexual assault.
The embattled organization has since said it will no longer use a fund that was financed by registration fees of players across the country to settle sexual assault claims and also announced a full governance review.
Since the allegations surfaced, Hockey Canada unveiled a plan to "eliminate toxic behaviour" and the body's chief executive said he is the right person to lead efforts for positive change within the sport across the hockey-loving country.
"Nike believes sport should create a safe, supportive environment for all athletes," Nike said.
"We're deeply concerned by the ongoing reports around Hockey Canada. We believe significant and substantive action is required to support athletes and transform hockey for future generations."
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Nike, Inc. (NKE) Receives Average Rating of "Moderate Buy" from Analysts
By: MarketBeat | October 7, 2022
• Shares of NIKE, Inc. (NYSE:NKE - Get Rating) have earned an average recommendation of "Moderate Buy" from the thirty-three brokerages that are covering the company, Marketbeat.com reports. Thirteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $116.04...
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Best Performer in the $DJIA is NIKE Inc ClsB. $NKE
By: Thom Hartle | October 6, 2022
• Today (8:34 CST), the best performer in the $DJIA is NIKE Inc ClsB. $NKE.
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Nike (NKE) Price Target Lowered to $110.00 at Telsey Advisory Group
By: MarketBeat | October 3, 2022
• NIKE (NYSE:NKE - Get Rating) had its price target reduced by equities researchers at Telsey Advisory Group from $125.00 to $110.00 in a research report issued to clients and investors on Friday, FinViz reports. The brokerage presently has an "outperform" rating on the footwear maker's stock. Telsey Advisory Group's target price points to a potential upside of 28.81% from the company's current price. Telsey Advisory Group also issued estimates for NIKE's Q2 2023 earnings at $0.77 EPS, Q2 2023 earnings at $0.69 EPS, Q3 2023 earnings at $0.90 EPS, Q4 2023 earnings at $0.96 EPS, FY2023 earnings at $3.55 EPS, Q1 2024 earnings at $1.06 EPS, Q2 2024 earnings at $0.90 EPS, Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.11 EPS and FY2024 earnings at $4.15 EPS...
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For Nike Stock, Bull Case Rests On One Key Question
By: Vince Martin | October 3, 2022
• After a post-earnings sell-off Friday, NKE now has been halved since November
• Inventory challenges are a problem, but it is not limited to Nike
• At these lows, investors can look to bottom-time NKE if they’re confident about the answer to one simple question
In this bear market, there are a number of well-known stocks that have posted stunning declines. The plunge in Nike (NYSE:NKE) is among the most surprising.
On Nov. 5, NKE stock closed at an all-time high just shy of $176. In less than 11 months, the stock has fallen 53%, wiping out more than $140 billion of its market capitalization.
Nike Weekly Chart
Source: Investing.com
That said, while the size of the plunge is surprising, the fact that Nike stock has struggled is not. The entire market is down: the S&P 500 index, of which Nike is a member, has declined 24% since Nov. 5.
Meanwhile, the inventory challenges that marked Nike’s disappointing fiscal first quarter are hardly unique to the company. Even the nation’s best retailers, including Walmart (NYSE:WMT) and Target (NYSE:TGT), have seen apparel inventory pile up this year. After binging on goods in 2020 and 2021, consumers worldwide in 2022 are spending their cash outside the home.
Those consumer trends led companies like Nike to stellar earnings in the post-pandemic environment. The bill for that performance now has come due.
But, taking the long view, NKE at these levels does look attractive for investors with one simple belief: Nike remains the same innovative, market-leading juggernaut it was before the pandemic. That seems likely to be the case, and it’s enough to at least give a long thought to owning NKE after Friday’s plunge.
The Valuation Concern
As we’ve talked about several times, the fact that a stock is down substantially does not make it a buy. This market, in which so many stocks have dropped 50% and then another 50% (or more), has taught that painful lesson to many investors.
And it’s worth noting that, even down 50%, NKE stock on its face does not look that cheap. Shares still trade at about 23x trailing 12-month earnings. And those last four quarters include the end of calendar 2021, when consumer spending on goods was still roaring.
Given that earnings declined 20% year-over-year in Q1, and that the 44% increase in Nike inventory suggests a few quarters of margin-reducing clearance ahead, the numbers for fiscal 2023 may be worse. It’s certainly possible that investors getting NKE “cheap” after this decline still are paying something like 25x this year’s profits, if not more, in the process.
That’s a decent multiple, admittedly. In fact, it’s about in line with where NKE traded in 2016 and 2017. But it’s not necessarily a multiple that suggests NKE is absurdly cheap. Rather, fundamentally it seems like investors might have been too optimistic a year ago, rather than being too pessimistic now.
The Case For NKE Stock
But looking a bit closer, there is a solid case for owning NKE stock here. The market actually repriced NKE stock before the pandemic. At the beginning of 2020, NKE traded for some 35x trailing 12-month earnings. Investors were bullish on the company’s innovation and the potential for its direct-to-consumer business.
Taking the long view, there’s a simple question to ask: Why doesn’t that same bull case hold now? Yes, Nike is dealing with short-term challenges. But, at least per management, its innovation remains on point: on the first quarter earnings call, executives waxed poetic about the “futuristic” Forward material, as well as a number of different footwear products. The DTC business grew nicely during the pandemic, and long-term Nike will keep at least some of the customers acquired.
Competition remains in the rearview mirror. Adidas (OTC:ADDYY)) stock is at a six-year low, and Under Armour (NYSE:UAA) is at its lowest point since 2011. As a business, Nike looks much the same as it did three years ago, albeit with a couple of potentially difficult quarters ahead.
Taking The Long View
To be sure, one thing certainly has changed: interest rates. That change in turn affects the valuation calculus around a stock like NKE. In 2019, investors were willing to pay more for the safety of Nike earnings at a time when U.S. government bonds offered a lower return than they do now.
But, again, relative to earnings (whether looking backward or forward, even assuming Wall Street estimates for this year come down) NKE stock is cheaper. In fact, it’s cheaper on an absolute basis as well: shares are down 18% since the beginning of 2020. Both factors to some extent price in the end of the so-called TINA (There Is No Alternative) environment for U.S. equities.
Personally, it would be nice to see Nike stock get even cheaper. In this market, it’s certainly possible. Still, there is a reasonable case for investors who still believe this is one of the world’s great businesses. After all, that’s what the market as a whole believed just a few short years ago. If and when that confidence returns, Nike stock should get back to its old ways.
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Nike Earnings Surprise Analysts; Here's How They Reacted
By: 24/7 Wall St. | September 30, 2022
To say that investors were disappointed with Thursday’s first-quarter earnings report from Nike Inc. (NYSE: NKE) is stating the obvious. Shares tumbled by around 10% in after-hours trading and opened down nearly 12% on Friday. While high inventory levels get a lot of the blame, the company faces a number of other challenges to get back on track.
Quarterly sales of $12.69 billion actually beat the consensus estimate of around $12.29 billion on the strength of full-price realizations on new seasonal apparel, and earnings per share (EPS) came in a penny above the consensus estimate of $0.92. The trouble starts in the company’s second quarter, ending in November.
The company forecast revenue growth for fiscal 2023 was slightly lower than expected, dropping from up 6% to 8% to a new range in the low to mid-single digits. Forecast gross margin and EBIT were also cut based on expected markdowns of nearly 25% to clear out existing inventory. Currency exchange headwinds doubled from previous guidance for a 4% dip to a new forecast of an 8% hit. Two other bright spots for the quarter were a less-than-expected decline in the company’s China business and its solid growth in direct sales to consumers.
Here is a look at how several analysts reacted to Nike’s outlook.
Morgan Stanley maintained an Overweight rating on the stock but cut the 12-month price target from $129 to $120. The firm said that Nike’s updated guidance was “relatively conservative.” The company’s topline growth outlook for the second half of the year drops to flat year over year compared to the first half outlook that calls for year-over-year growth of 7%. Operating income, forecast to decline by 18% year over year in the first half of the year, is expected to drop by 29% in the second half. Nike is also guiding EBIT margin to 150 basis points below the level seen in the 2009 recession.
On the one hand, a “meaningful” recession could make that worse, in Morgan Stanley’s opinion, sending revenue and EBIT down more than currently expected. On the other hand, if Nike’s full-year guidance meets expectations for the current quarter, revenue for the year could rise to around $51.5 billion, nearly 17% higher than 2022 sales, and EBIT margin could rise by more than 13% year over year.
Nike’s decision to take its inventory medicine in the second quarter works in the company’s favor, according to Morgan Stanley, because the short-term hit to gross margins “ensure[s] a cleaner future marketplace and premium positioning.” Nike also remains committed to its direct-to-consumer business, an area that saw sales growth of 8% year over year in the first quarter...
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A long-term NVDA trendline is coming into focus
By: Schaeffer's Investment Research | September 30, 2022
• Nvidia's two-year breakeven level is also an area to watch
• Simulation Update Stirs Semiconductor Investors
Chip stocks have taken the past five years by storm, and one of the largest semiconductors looks to be making some rumblings of its own. NVIDIA Corporation (NASDAQ:NVDA) comes in with a 12-month revenue (TTM) of $29.5 billion and a market cap surpassing $463 billion. That hasn’t necessarily translated to chart outperformance, though, leaving many options traders and analysts wondering where to go for their next semiconductor move. However, it looks like some fresh partnership news and a pullback to a key level on the charts have reignited the torch for NVDA.
On Thursday at its GTC conference, Nvidia announced that AEye (LIDR) – a leading name in lidar technology – and its partner Continental’s HRL 131 Long Range Lidar will now be available for testing and development on the NVIDIA DRIVE Sim platform. This new collaboration will allow AV and ADAS customers to simulate the fully adaptive lidar system in a range of autonomous driving edge cases and environments. AEye’s GM of Automotive Jordan Greene added that “it’s critical that manufacturers be able to test and validate these performance modes and the product’s performance in diverse situations, which NVIDIA DRIVE Sim will uniquely enable.”
The announcement was overshadowed by rocky day for chip and tech stocks alike; NVDA shed 5.3% amid Fed hysteria. This nonreaction to exciting industry news shouldn’t deter investors just yet. Senior Market Strategist Chris Prybal identified NVDA’s pullback had drifted to its 200-week moving average, a trendline that has been an area of support for the chip stock going back as far as 2015. He also pointed out that NVDA’s two-year return sits right at 0% at the moment, which could also be worth keeping an eye on as a possible support level moving forward.
Even further, NVDA appeared on Schaeffer’s Senior Quantitative Analyst Rocky White’s most recent list of stocks with the highest weekly options volume. Alongside big tech and chip names such as Tesla (TSLA), Advanced Micro Devices (AMD), and Microsoft (MSFT), NVDA has seen 3,565,482 calls and 3,331,504 puts traded in the past 10 days. Per Trade-Alert, the most popular contracts during this time frame were the September 130 put and the weekly 9/23 135-strike call.
As traders cycled through September – a historically bearish month -- it looks like options traders grew bolder with their bearish bets or at the very least tempered their bullish expectations to a weekly level. Amid all the broad market carnage in September, whether an industry leader like NVDA has finally bottomed out will be an underrated storyline heading into October.
Now could be a good time to speculate with options, per Schaeffer's Volatility Scorecard (SVS) that sits at an elevated 94 out of 100. This indicates that Nvidia stock has exceeded volatility expectations during the past year.
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Nike Warning Weighs on Athletic Apparel Sector
By: Schaeffer's Investment Research | September 30, 2022
• The stock has fallen back near its pandemic-era lows
A concerning fiscal first-quarter earnings report from blue-chip sneaker name Nike Inc (NYSE:NKE) is doing little to help the sinking sentiment the broader market has been feeling this week. After the close last night, Nike posted profits of 93 cents per share, which just barely topped analysts' estimates. And while its reported revenue of $12.69 billion also exceeded expectations, the company warned that its gross margins would see even more pressure this year as the company offers more discounts in an attempt to clear inventory. Nike was last seen down 13.2% at $82.72, and it's taking the whole sector with it, with names like Under Armor (UAA) and Dick's Sporting Goods (DKS) sporting deep pre-market losses of their own.
Barclays called Nike's messy earnings report earlier this month, lowering its rating to "equal weight" amid concerns over inventory and global economic headwinds. A whole host of analysts are following suit today, with no less than 17 brokerages slashing their price objectives.
The deluge of bear notes could be far from over, should the equity continue its march down the charts, as the 12-month consensus price target of $117.36 sits at a lofty 41.2% premium to Thursday's close. What's more, just seven of the 25 in coverage called Nike stock a "hold" coming into today, without a single "sell" rating to be seen.
It's been a rough year for NKE, which just broke below former support at the $100 level late last week after yielding to pressure at the 110-day moving average. The stock has already lost 42% this year, and today's drop puts NKE right back near its pandemic-era slump, marking the equity's lowest open since April 2020.
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Nike quarterly profit falls as costs soar
By: Investing.com | September 29, 2022
(Reuters) - Nike Inc (NYSE:NKE) reported a decline in its quarterly profit on Thursday, hurt by higher costs and a stronger dollar.
The company's shares, one of the worst performing Dow components so far this year, fell 2.3% in extended trading.
Elevated freight costs due to a global supply chain crunch are weighing on the company's bottom line although it expects these supply snags to ease in the coming months.
Nike said costs rose 10% to $3.9 billion in the first quarter.
Major U.S. multinationals, including Microsoft Corp (NASDAQ:MSFT) and Coca-Cola (NYSE:KO) , have warned of a knock from the strength of the U.S. currency.
Nike had said it expects foreign exchange headwinds of about 400 basis points to weigh on its full-year revenue outlook.
The company's net income fell to $1.47 billion, or 93 cents per share, in the first quarter ended August 31, from $1.87 billion, or $1.16 per share, a year earlier.
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Nike Stock: Where to Buy on the Earnings Report
By: TheStreet | September 29, 2022
• Nike stock has struggled and the company will report earnings after the close. Here are the upside and downside levels to know now.
Nike (NKE) reports after the close on Thursday, and the results come at a difficult time. The S&P 500 recently made new 52-week lows and volatility continues to roil investors.
The athletic-equipment giant has not been immune to the selloff. The shares made new 52-week lows this week as well -- although down 47% from the all-time high is roughly double the loss investors have seen in the S&P 500 index.
Nor is Nike stock immune to the macro issues plaguing many other multinational companies.
A dollar that's surging vs. many other currencies will be a headwind for the retailer, as will supply-chain issues and inflation.
For those reasons, investors are nervous heading into Nike's print as the stock lingers below its pre-covid highs and at multiyear lows.
Let's review the chart.
Trading Nike Stock on Earnings
Weekly chart of Nike stock.
Chart courtesy of TrendSpider.com
Nike stock has not been trading well, down in five of the past six weeks. (Most stocks can make similar claims.)
Now that the stock is at new lows, in the mid-$90s, we find it at an interesting crossroads.
Despite the negativity, we could see a post-earnings pop if Nike can deliver better-than-feared results. That’s especially after it's fallen so hard in the past few weeks.
If we get that pop, first watch $100. That’s a notable psychological level and the prior low from this summer.
If the shares push through this zone, it brings up the $105 zone. There we find the declining 10-week moving average and the prior breakout level from 2020.
Just above those measures is active resistance via the 21-week moving average.
Unless the stock can clear those levels, it has a long upward battle ahead of it. But traders will also have a low to measure against in this scenario.
If the reaction to the report is bearish, investors should keep a close eye on the $90 to $93 area, then $85.
Near the former, we have a prior support/resistance zone from the post-covid selloff, where Nike consolidated and eventually moved higher.
But the latter — $85 — is really where my focus will be on a decline.
In that zone, we have the 78.6% retracement from all-time high down to the 2020 low, as well as a notable support zone from the initial post-covid bounce in April.
To get there would require a fall of roughly 12% from current levels. That may be a bit too pessimistic, given the recent action.
We’ll know more in a few hours once Nike reports, but keep these levels in mind.
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Nike $1.6 Million Put Strike: 97.5 Expiration: 3/17/23
By: Cheddar Flow | September 29, 2022
• $NKE $1.6M Put
Strike: 97.5
Expiration: 3/17/23
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UPDATE: Nike (NKE) Earnings Could Present a 'Buy the Dip Opportunity' - JPMorgan
By: Investing.com | September 28, 2022
Ahead of Nike 's (NYSE:NKE) fiscal first-quarter earnings release Thursday after market, a JPMorgan (NYSE:JPM) analyst told investors to buy the dip opportunity.
"Near-term, our model remains below Consensus for 1H23 modeling 1Q23 EPS of $0.87 (below the Street $0.94) based on reported revenue +1.1% (vs. Street +0.5%) or +6.9% constant-currency and 2Q EPS of $0.69.
In addition, looking ahead, JPMorgan's fiscal 2023 "EPS of $3.50 is unchanged (vs. buy-side expectations of $3.20-$3.40 by recent incoming call volume and Street at $3.69)."
"Buy The Dip Opportunity: Based on recent incoming call volume see "peak negativity" into the 1Q print w/ shares down -42% YTD (vs. SPX -23%) and shares trading at 20x our CY24 EPS (= 5-year pre-pandemic trough or 7 turns below the pre-pandemic average) w/ investors braced for a FY23 EPS "cut" tied to (i) FX (high-single-digit USD appreciation since 6/27 vs. major exposures), (ii) greater than expected GPM pressure from inventory actions, and (iii) China overhang at 20% of sales (tied to continued lockdowns)," added the analyst.
The JPMorgan analyst sees an attractive risk/reward setup under $100.
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Earnings Preview: Nike Inc. (NYSE: NKE)
By: 24/7 Wall St. | September 28, 2022
• Here is a look at three companies reporting quarterly results on Thursday and Friday.
Nike
Over the past 12 months, shares of athletic gear maker Nike Inc. (NYSE: NKE) have declined by about 35%. For the year to date, the Dow component is the second-worst performer, down more than 42%, and down 44% since its 52-week high posted lasted November. The company boosted its direct-to-consumer business sharply during the worst of the pandemic, but growth there has stalled, and sales from physical stores are not so hot for any retailer right now. The prognosis is not encouraging either. Nike has had a tough year, and hopes for the next one are just that — hope.
Analyst sentiment on the stock has declined over the past couple of quarters. Of 33 brokerages covering the Dow stock, 22 (down from 28 of 34 two quarters ago) rate the shares a Buy or Strong Buy. The rest have Hold ratings. At a share price of around $96.30, the upside potential based on a median price target of $125 is about 29.8%. At the high price target of $185, the implied upside is 92.1%.
For the company’s first quarter of fiscal 2023, revenue is expected to come in at $12.29 billion. That would be 0.4% higher sequentially and essentially flat year over year. Adjusted EPS are forecast at $0.92, down 7.5% sequentially and by 20.7% year over year. For the full fiscal year ending in May, estimates call for EPS of $3.72, down 12.8%, on sales of $49.97 billion, up about 7%.
Nike stock trades at 25.9 times expected 2023 EPS, 21.4 times estimated 2024 earnings of $4.49 and 17.7 times estimated 2025 earnings of $5.43 per share. The stock’s 52-week range is $95.00 to $179.10. Nike pays an annual dividend of $1.22 (yield of 1.26%). Total shareholder return for the past year was a negative 34.3%.
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Nike (NKE) PT Lowered to $125.00
By: MarketBeat | September 26, 2022
• NIKE (NYSE:NKE - Get Rating) had its target price decreased by stock analysts at Telsey Advisory Group from $130.00 to $125.00 in a report released on Monday, Stock Target Advisor reports. The firm presently has an "outperform" rating on the footwear maker's stock. Telsey Advisory Group's price target would indicate a potential upside of 28.84% from the stock's current price...
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Q2 2023 Earnings Estimate for NIKE, Inc. (NKE) Issued By Telsey Advisory Group
By: MarketBeat | September 27, 2022
• NIKE, Inc. (NYSE:NKE - Get Rating) - Analysts at Telsey Advisory Group dropped their Q2 2023 earnings per share (EPS) estimates for shares of NIKE in a research note issued to investors on Monday, September 26th. Telsey Advisory Group analyst C. Fernandez now forecasts that the footwear maker will post earnings per share of $0.77 for the quarter, down from their previous forecast of $0.81. Telsey Advisory Group currently has a "Outperform" rating and a $125.00 price target on the stock. The consensus estimate for NIKE's current full-year earnings is $3.74 per share. Telsey Advisory Group also issued estimates for NIKE's Q3 2023 earnings at $0.90 EPS, Q4 2023 earnings at $0.96 EPS, FY2023 earnings at $3.55 EPS, Q2 2024 earnings at $0.90 EPS, Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.11 EPS and FY2024 earnings at $4.15 EPS...
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