Nike Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Portfolio Pulse from Avi Kapoor
Nike, Inc. (NKE) is set to release its Q3 earnings on March 21, 2024, with analysts forecasting a decrease in earnings per share from 79 cents to 74 cents year-over-year, and a projected quarterly revenue of $12.29 billion. The company announced plans to cut about 2% of its workforce to save costs and invest in key categories. Shares rose 0.3% to $100.27 recently. Analysts have revised their ratings and price targets ahead of the earnings call, with most maintaining a positive outlook but adjusting price targets downward.
March 21, 2024 | 5:57 pm
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NEUTRAL IMPACT
Nike is anticipated to report a decrease in EPS for Q3, with projected revenue of $12.29 billion. The company plans workforce reductions to save costs. Analysts have revised price targets downwards, though ratings remain largely positive.
The anticipation of a decrease in EPS could concern investors, but the solid revenue projection and strategic cost savings through workforce reduction may balance sentiments. Analysts' positive ratings despite lower price targets suggest confidence in Nike's long-term strategy, indicating a neutral short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100