Nike Inc NKE is trading higher Tuesday after the company announced better-than-expected fiscal second-quarter 2022 financial results.
Nike reported quarterly earnings of 83 cents per share, which beat the estimate of 63 cents per share. The company reported quarterly revenue of $11.36 billion, which beat the estimate of $11.25 billion.
"Nike's strong results this quarter provide further proof that our strategy is working, as we execute through a dynamic environment," said John Donahoe, president and CEO of Nike. "We are now in a much stronger competitive position today than we were 18 months ago."
Truist Securities analyst Beth Reed maintained Nike with a Buy rating and raised the price target from $190 to $196.
Related Link: Nike: Q2 Earnings Insights
NKE Price Action: Nike has traded as high as $179.10 and as low as $125.44 over a 52-week period.
The stock was up 3.84% at $163.01 at time of publication.
Photo: grailify from Pixabay.
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