Stifel Nicolaus Raises Estimates for Nike (NKE)

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Stifel Nicolaus reported on Wednesday that they have reaffirmed their "Buy" rating for footwear retailer, NIKE, Inc.( NKE ), and have increased its price target.

The firm has maintained their "Buy" rating for NKE, and has raised its price target from $104 to $110. This price target suggests a 10% increase from the stock's current price of $99.41.

An analyst from the firm noted, "behind continued domestic momentum and signs of stabilization in overseas markets, we remain confident in our 2QFY13 revenue and EPS estimates of $5.97bn and $1.04 (consensus $6.00bn and $1.00). For futures, we expect constant currency global futures growth of 7%-8%, perhaps a slight moderation sequentially (+8% 1Q) behind strength from: 1) a modest pricing benefit (we estimate 1pt.), 2) continued sell-through momentum led by North America and Emerging markets, 3) accelerating basketball momentum, 4) expanded distribution of FlyKnit, and 5) the incremental contribution from the NFL license (took over April 2012)."

Nike shares were mostly flat during premarket trading Wednesday. The stock is up 3% YTD.

The Bottom Line
Shares of Nike ( NKE ) have a .84% dividend yield, based on last night's closing stock price of $99.41. The stock has technical support in the $93-$95 price area. If the shares can firm up, we see overhead resistance around the $104-$105 price levels.

NIKE, Inc.( NKE ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: NKE

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