Analysts at Citigroup on Wednesday raised their price target for athletic footwear and apparel maker Nike, Inc. ( NKE ).
The firm said it lifted its target on NKE to $113, suggesting a potential 17% upside to the stock's Tuesday closing price of $96.25.
A Citi analyst noted he believes Nike shares will ramp higher on expected revenue and margin beats, evidenced by the company's raised earnings guidance. Commenting, the firm said that "NKE's 1Q SG&A grew +9.0% which was an acceleration from 2H's +2-5% growth."
Nike shares posted modest gains in premarket trading Wednesday.
The Bottom Line
Shares of Nike ( NKE ) have a 1.50% dividend yield, based on last night's closing stock price of $96.25. The stock has technical support in the $90 price area. The shares are trading near all-time highs and have little overhead resistance.
Nike, Inc. ( NKE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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