Benchmark Upgrades NIKE to 'Hold' Following Stronger-than-Expected Earnings

NIKE (NYSE:NKE) has been upgraded to 'hold' by Benchmark analysts, according to a research note issued on Tuesday. This change in rating comes amidst various other updates from different firms.

The business reported $0.20 earnings per share for its latest quarter, surpassing the consensus estimate of $0.11. Its revenue was down 1.1% year-over-year, totaling $10.97 billion.

Analysts anticipate that NIKE will post $1.67 earnings per share for the current fiscal year. Bank of America decreased their target price on shares from $55 to $47 and set a 'neutral' rating in July. Wells Fargo & Company cut its price target on shares from $45 to $40, also setting an 'equal weight' rating that same month.

One analyst has rated the stock with a 'strong buy' rating while nine have assigned a 'buy' rating and twenty-two issued a 'hold' rating. The company's market cap is $53.33 billion, its P/E ratio is 17.20, and its beta is 1.10.