Nike Inc. (NYSE:NKE) reported better-than-expected earnings and sales results for the second quarter, but posted a decline in gross margins for the second straight quarter.
Nike posted second-quarter revenue of $12.43 billion, beating analyst estimates of $12.22 billion, according to Benzinga Pro. The company reported second-quarter earnings of 53 cents per share, beating analyst estimates of 38 cents per share.
“Nike is in the middle innings of our comeback. We are making progress in the areas we prioritized first and remain confident in the actions we’re taking to drive the long-term growth and profitability of our brands,” said Elliott Hill, president and CEO of Nike.
Nike shares dipped 11.8% to $57.90 in pre-market trading.
These analysts made changes to their price targets on Nike following earnings announcement.
- Telsey Advisory Group analyst Cristina Fernandez maintained Nike with a Market Perform and lowered the price target from $75 to $72.
- Needham analyst Tom Nikic maintained the stock with a Buy and lowered the price target from $78 to $68.
- Piper Sandler analyst Anna Andreeva maintained Nike with an Overweight rating and lowered the price target from $84 to $75.
- B of A Securities analyst Lorraine Hutchinson maintained the stock with a Buy and lowered the price target from $84 to $73.
- Bernstein analyst Aneesha Sherman maintained Nike with an Outperform rating and cut the price target from $90 to $85.
Considering buying NKE stock? Here’s what analysts think:
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