Piper Jaffray Raises Price Target on Nike (NKE) Following 4Q Results

Piper Jaffray reiterates an Overweight rating on Nike (NYSE: NKE), and raised the price target to $120.00 (from $115.00), following 4Q15 results. NKE's EPS came in at $0.98 vs. Piper Jaffray's $0.82 estimate and Street's $0.83 estimate.

Analyst Erinn Murphy commented, "We are reiterating our Overweight rating, raising our estimates and taking our PT up from $115 to $120 following NKE's solid Q4, in which EPS came in at $0.98 vs. our $0.82. Sales were nicely ahead of our estimate--up 5% reported (vs. our 2% estimate) and up 13% constant currency. Gross margins bested our estimate and were up 60 bps vs. our 30 bps estimate. Futures, ex-FX, were up 13% and acceleration from the +11% at the end of Q3. Clearly, the brand continues to gain share globally and we are pleased that its most established market, North America, is still seeing mid-teens growth. China and Western Europe were up 20% and 17%, respectively. Categories of notable strength included women's, sportswear and basketball while core running improved."

For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.

Shares of Nike closed at $105.22 yesterday.

You May Also Be Interested In

• Take-Two Interactive (TTWO) PT Raised to $368 at BofA Securities
• Globe Life (GL) PT Raised to $215 at TD Cowen
• Norwegian Cruise (NCLH) PT Raised to $24 at TD Cowen