Trading Strategies For Nike Stock Running Into Q4 Earnings
Portfolio Pulse from Melanie Schaffer
Nike, Inc (NYSE:NKE) is heading into its fourth-quarter earnings print with the stock trading flat. In the third quarter, Nike beat earnings and revenue estimates, but the stock dropped nearly 5% the following day. For the fourth quarter, analysts estimate earnings per share of 67 cents on revenues of $12.59 billion. JPMorgan analyst Matthew Korn maintained an Overweight rating on Nike but cut the price target from $152 to $146. From a technical analysis perspective, Nike’s stock looks bullish, having formed a possible bull flag pattern above the 200-day simple moving average (SMA).
June 29, 2023 | 7:17 pm
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Nike is heading into its Q4 earnings with the stock trading flat. The company beat Q3 estimates but saw a 5% drop in stock the following day. JPMorgan maintains an Overweight rating but cuts the price target to $146. The stock has formed a possible bullish pattern.
The news is directly about Nike's upcoming Q4 earnings and the stock's current performance. The cut in price target by JPMorgan might have a negative impact, but the potential bullish pattern could offset this. The overall impact is neutral as these factors could balance each other out.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100