Nike inc (NKE) Received its Third Buy in a Row

By Carrie Williams

After Guggenheim and Susquehanna gave Nike inc (NYSE: NKE) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Rick Patel maintained a Buy rating on Nike inc today and set a price target of $98.00. The company’s shares closed last Monday at $93.77, close to its 52-week high of $94.75.

According to TipRanks.com, Patel has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.0% and a 40.9% success rate. Patel covers the Services sector, focusing on stocks such as Capri Holdings Limited, Designer Brands Inc, and Stitch Fix Inc.

Currently, the analyst consensus on Nike inc is a Moderate Buy with an average price target of $101.20, representing a 7.7% upside. In a report issued on September 26, Argus Research also maintained a Buy rating on the stock with a $105.00 price target.

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Based on Nike inc’s latest earnings release for the quarter ending August 31, the company reported a quarterly revenue of $10.65 billion and net profit of $1.37 billion. In comparison, last year the company earned revenue of $9.94 billion and had a net profit of $1.09 billion.

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