5 analyst picks of the day: Nike upped on Q3 beat | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Mar 24, 2023 04:56AM ET
Updated Mar 24, 2023 11:47AM ET
By Davit Kirakosyan
Investnig.com -- Here is your daily Pro Recap of the biggest analyst upgrades you may have missed since yesterday.
Nike upgraded at Barclays on a high probability of margin upside/h2
Barclays upgraded Nike (NYSE:NKE) to Overweight from Equalweight and raised its price target to $154.00 from $110.00 on its belief in a high probability of margin upside.
“Combining improving freight relief as we enter FY24 with reduced promotional pressure, we believe the visibility on gross margin recapture is significantly improved,” said the firm.
The company reported its Q3 earnings results on Tuesday, which, according to Barclays, demonstrated the company’s “broad-based brand strength in spite of a weakening consumer macro backdrop.”
Q3 EPS came in at $0.79, better than the consensus estimate of $0.55. Revenue was $12.4 billion, beating the consensus estimate of $11.47B. The company expects fiscal 2023 revenue to grow high single-digits, an improvement from mid-single-digit guidance in the prior quarter.
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