Nike is Down 34% From Its High. Time to Buy?
Nike's (NYSE: NKE) stock surged 12% in late December in response to its latest earnings report. For the second quarter of fiscal 2023, which ended on Nov. 30, the athletic footwear and apparel maker's revenue rose 17% year over year (27% in constant currency terms) to $13.3 billion and exceeded analysts' expectations by $740 million. Its net income stayed nearly flat at $1.3 billion, but big buybacks boosted its diluted earnings by 2% to $0.85 per share -- which also cleared the consensus forecast by $0.21.
Nike's earnings beat allayed some inflation-related fears, but this blue-chip stock remains 34% below its all-time high of $175.30 from last November. Is it finally time to hop aboard the bullish bandwagon again?
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Source Fool.com
