NKE Stock: $176 Target By JPMorgan

By Amit Chowdhry ● April 20, 2021
  • The shares of Nike Inc (NYSE: NKE) have received a price target of $176 by JPMorgan. These are the details.

The shares of Nike Inc (NYSE: NKE) have received a price target of $176 by JPMorgan. And JPMorgan analyst Matthew Boss reiterated an “Overweight” rating on the company shares.

JPMorgan analyst Matthew Boss reiterated an Overweight rating and $176.00 price target on Nike (NYSE: NKE) after hosting a fireside chat with Nike CFO Matthew Friend at the broker’s Retail Round Up. 

And Nike management pointed out that longer-term SG&A, as the percentage of sales, to be lower than pre-pandemic levels of about 32% to 33% and 9% to 10% – which was driven by digital transformation efficiencies.

“Remain Overweight with our $176 price target based on a 1.75x PEG or ~40x our CY22E EPS with 1.5x to 2.0x PEG range applied to NKE’s accelerating mid-teens+ algorithm (= gross profit dollar growth > LTFM + FX tailwind) equating to a favorable multi-year risk/reward of $148 to $196 by our model,” wrote Boss in a research report.

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