Nike’s stock jumped 13% in premarket trading after reporting late Tuesday that high sales and gross margins overcame another quarter of inventory build-up. Shares in rivals Adidas and Puma rose 6% and 8% respectively on Wednesday.
A better-than-expected rebound in Nike Inc.’s China business drew some target-price upgrades from Wall Street analysts, though wariness remains over excess inventory from the sportswear maker.
Analysts at RBC Capital Markets lifted their Nike price target to $127 from $120 per share, saying the results confirmed “strong underlying momentum” and management “dealing with headwinds as planned. “The 27% constant currency growth in revenue is the envy in this fiercely competitive sport apparel industry. Nike clearly resonates with the sporting public, and especially so on its U.S. home turf with sales growing at 30%,” Smit told clients in a note.
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