Nike stock price forecast: UBS sees a 30% upside

Nike Inc stock (NYSE: NKE) closed about 5.0% up on Thursday after UBS analyst Jay Sole said he was “very bullish” on the American multinational sportswear giant.

Sole sees upside to $173 in Nike stock

Sole reiterated his “buy” rating on Nike this morning and said the stock had upside to $173 a share that represents a 30% upside from here. In his note, the analyst wrote:

North America demand remains very strong, particularly in digital channels, and Nike’s inventory levels are lean. Its investments in product innovation, supply chain speed, and digital are unlocking a multiyear period of above average growth.

The bullish call comes after an investor meeting with CFO Matt Friend in New York, where the management confirmed that Nike was likely to see sequential improvement in China this quarter. JPMorgan also reiterated NKE at “overweight” on Thursday.

Gina Sanchez also likes Nike Inc

Also on Thursday, Chantico Global’s Gina Sanchez said “Nike was a quality play and quality is king”. Defending his bullish view on the stock, she said on CNBC’s “Power Lunch”:

If inflation eventually weighs on consumers, you’ll want a brand that can defend in a scarce demand environment. That’s Nike. And if you think recovery will continue, Nike has strong brand recognition, is set up for reopening and also pushing its gross margins.

Last month, Nike reports its financial results for the third quarter that topped Wall Street expectations. The stock is down 20% for the year.  

The post Nike stock price forecast: UBS sees a 30% upside appeared first on Invezz.

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