Is Nike Stock Still a Buy in 2023 After Rebounding 57%?
Nike (NYSE: NKE) stock is on fire at the moment, surging 57% off its 52-week low of $82.22 in September. The swoosh is seeing accelerating growth in footwear sales, and investors expect more growth ahead as the company further builds on its advantage with its digital connections to customers.
However, investors face a dilemma. Are Nike's brand and growth worth an expensive valuation? Let's dig into what's driving Nike's momentum to determine if the stock is still a buy.
In Nike's fiscal second quarter ending in November, total revenue grew 17% year over year on a reported basis, but excluding currency changes from overseas sales, revenue exploded 27% -- much faster than the previous quarter's increase of 10%.
Source Fool.com
