Nike worked through excess inventory during the holiday season as it navigated global supply chain issues.
It's time to get into Nike shares, according to Barclays. Analyst Adrienne Yih upgraded shares to overweight from equal weight, and raised her price target, saying the strength of Nike's latest earnings results show the sports apparel retailer is getting back to its long-term targets — despite some weakness in China. "NKE's FY3Q23 significant beat on sales of $12.4B and EPS of $0.
Nike shares are 7% higher in 2023 after dropping nearly 30% last year. Now, however, the analyst expects further upside for the sports apparel retailer as it improves its inventory troubles and shows signs of improvement in China. Yih raised her price target by 40% to $154 from $110. That means shares could jump 22% from Tuesday's close of $125.61. Nike shares were down 0.5% in the Wednesday premarket.
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