Truist Financial Raises Nike Price Target to $47, Reiterates Buy

Truist Financial analyst Joseph Civello reiterated a Buy rating on Nike (NKE) and raised the price target to $47 after the company reported its quarterly earnings on June 30.

Rating Change

• Previous Rating: Buy
• Current Rating: Buy
• Previous Price Target: N/A
• New Price Target: $47

Analyst Rationale

Civello believes Nike's quarterly results exceeded expectations, reflecting strong brand momentum and a successful direct-to-consumer strategy. He also notes that management's cautious guidance may limit downside risk.

Context

The update comes amid a volatile year for NKE, which has declined about 12% year-to-date. Other analysts, including those from Morgan Stanley and Goldman Sachs, have mixed ratings ranging from Hold to Buy.

What We Think

While the Buy rating is positive, the cautious outlook from management suggests headwinds from macroeconomic uncertainty and consumer spending pressures remain.