Jefferies Remains Bullish Ahead of Nike (NKE) 3Q Report; Expects Solid Results

Jefferies reiterated a Buy rating and $76.00 price target on Nike (NYSE: NKE) ahead of the company's 3Q earnings report. Jefferies expects the company to report solid results with EPS estimates at $0.47. However, trends through the quarter, supported by strong commentary from nearly every footwear retailer this season, point to potential upside, as well as a positive forward outlook and likelihood for futures growth to exceed expectations. NKE is expected to report results tomorrow, after market close.

Analyst Edward Plank commented, "We expect solid results when Nike reports FQ3 tomorrow post close. Athletic footwear has been a bright spot in an earnings season shaken by warm weather, and the positive read-throughs we got from other co's that have reported bode especially well for Nike, in our view. We see growth supported by newly announced innovations, which by our early estimates could drive a $2.5-3.0B revenue tailwind or greater over the next 4-5 years. Reiterate Buy and $76 PT."

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 $62.99 yesterday.

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