Nike's recent performance and technical indicators suggest a bullish trend.
1️⃣ Recent Earnings Report
In its fiscal third quarter, Nike reported:
- Revenue: $11.3 billion, a 9% decrease year-over-year but exceeding analyst expectations of $11.02 billion.
- Net Income: $800 million, down 32% from the previous year.
- Earnings Per Share (EPS): 54 cents, surpassing estimates of 28 cents.
2️⃣ Falling Wedge Formation
Technically, Nike's stock has formed a falling wedge pattern, typically indicating a potential bullish reversal. This pattern, coupled with a false breakout, suggests a possible upward price movement.
3️⃣ Analyst Forecasts
Analysts maintain a positive outlook for Nike:
- Average Price Target: $88.71, implying a 21.54% upside.
- Medium-Term Target: $100
- High-Term Target: $120
For instance, Jefferies has maintained a "Buy" rating with a price target of $115.
1️⃣ Recent Earnings Report
In its fiscal third quarter, Nike reported:
- Revenue: $11.3 billion, a 9% decrease year-over-year but exceeding analyst expectations of $11.02 billion.
- Net Income: $800 million, down 32% from the previous year.
- Earnings Per Share (EPS): 54 cents, surpassing estimates of 28 cents.
2️⃣ Falling Wedge Formation
Technically, Nike's stock has formed a falling wedge pattern, typically indicating a potential bullish reversal. This pattern, coupled with a false breakout, suggests a possible upward price movement.
3️⃣ Analyst Forecasts
Analysts maintain a positive outlook for Nike:
- Average Price Target: $88.71, implying a 21.54% upside.
- Medium-Term Target: $100
- High-Term Target: $120
For instance, Jefferies has maintained a "Buy" rating with a price target of $115.
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📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.