Why Nike Shares Are Trading Higher Today

Nike Inc NKE shares are trading higher Tuesday after the company reported better-than-expected financial results.

Nike said fiscal third quarter 2022 revenue increased 5% year-over-year to $10.9 billion, which beat the $10.62 billion estimate. The company reported quarterly earnings of 87 cents per share, which beat the estimate of 71 cents per share. 

"NIKE’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities," said John Donahoe, president and CEO of Nike.

Related Link: Nike Q3 Earnings Highlights: Revenue And EPS Beat, Digital Sales Growth And More

Analyst Assessment: 

• Credit Suisse analyst Michael Binetti maintained Nike with an Outperform rating and raised the price target from $160 to $165.
• Deutsche Bank analyst Gabriella Carbone maintained Nike with a Buy rating and raised the price target from $173 to $175.
• Telsey Advisory Group analyst Cristina Fernandez maintained Nike with an Outperform rating and raised the price target from $165 to $170.
• BMO Capital analyst Simeon Siegel maintained Nike with an Outperform rating and lowered the price target from $170 to $150.
• JPMorgan analyst Matthew Boss maintained Nike with an Overweight rating and raised the price target from $162 to $164.

NKE 52-Week Range: $116.75 - $179.10

Nike shares were up 5.46% at $137.30 at press time.

Photo: sbl0323 from Pixabay.