Nike Inc (NKE) is Downgraded by Wells Fargo to Market Perform

Nike Inc (NKE) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on May 10, 2016.

Many Wall Street Analysts have commented on Nike Inc. Shares were Reiterated by Canaccord Genuity on Mar 23, 2016 to “Hold” and Lowered the Price Target to $ 57 from a previous price target of $66 .Shares were Reiterated by Barclays on Mar 23, 2016 to “Overweight” and Lowered the Price Target to $ 75 from a previous price target of $150 .

On the company’s financial health, Nike Inc reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Mar 22, 2016. Analyst had a consensus of $0.48. The company had revenue of $8032.00 million for the quarter, compared to analysts expectations of $8200.70 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS.

Nike Inc opened for trading at $58.16 and hit $58.44 on the upside on Friday, eventually ending the session at $58.43, with a gain of 0.41% or 0.24 points. The heightened volatility saw the trading volume jump to 73,07,963 shares. Company has a market cap of $98,438 M.

In a different news, on May 2, 2016, Eric D Sprunk (CHIEF OPERATING OFFICER) sold 135,764 shares at $58.82 per share price. According to the SEC, on May 2, 2016, John F Slusher (EVP: GBL SPORTS MKTG) sold 40,000 shares at $59.17 per share price. On May 2, 2016, Hilary K Krane (EVP, CAO and General Counsel) sold 55,000 shares at $59.13 per share price, according to the Form-4 filing with the securities and exchange commission.

NIKE Inc. is engaged in the design development marketing and selling of athletic footwear apparel equipment accessories and services. The Company sells its products to retail accounts through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations) and through a mix of independent distributors and licensees throughout the world. The Company focuses its NIKE Brand product offerings in eight key categories: Running Basketball Football (Soccer) Men’s Training Women’s Training Action Sports Sportswear (the Company’s sports-inspired lifestyle products) and Golf. The Company also markets products designed for kids as well as for other athletic and recreational uses such as cricket lacrosse tennis volleyball wrestling walking and outdoor activities. The Company’s portfolio brands include the NIKE Brand Jordan Brand Hurley and Converse.

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