Nike Stock has Little Upside, According to 1 Wall Street Analyst
(NYSE: NKE) recently announced its fiscal 2024 third-quarter earnings results (for the quarter ending Feb. 29), and the updated Wall Street opinions are starting to roll in. Several analysts covering the stock simply reiterated their forecasts after the footwear giant revealed weak sales trends. But Nike also attracted a significant downgrade from one analyst.
Let's look at why the analyst sees almost no upside potential for the stock over the next year.
An analyst at RBC Capital lowered the agency's rating on the stock to a hold from a buy following the Q3 earnings report. RBC reduced its 12-month price target on Nike shares as well, down to $100 per share from $110 per share. Given that the stock was trading at about that level before the earnings report, this suggests little room for growth in Nike's stock over the short term. Shares currently trade at about $94.
Source Fool.com
Nike Inc. B Stock
The stock is one of the favorites of our community with 63 Buy predictions and 2 Sell predictions.
With a target price of 110 € there is a hugely positive potential of 59.95% for Nike Inc. B compared to the current price of 68.77 €.
