Rochester, NY 8/25/2009 7:26:37 PM
NIKE, Inc. NKE, NIKE’S decreased earnings
NIKE, Inc.
NIKE Inc. Athletic footwear and apparel maker saw its full-year earning estimates cut last Monday by UBS analysts. UBS said it lowered its full-year 2010 earnings estimates for the company to reflect lower sales at shoe retailer Foot Locker. Currency trends are improving somehow according to analyst. UBS currently rates Nike as “Neutral” with a $54 price target.Nike shares rose 45 cents, or +0.8%, in morning trading Monday.
The Bottom Line
We removed shares of NKE from our “Recommended” list back on Oct.9, when the stock was trading at $54.63. The company has a 1.80% dividend yield, based on Friday’s closing stock price of $55.65. The stock has technical support in the $50 price area. If the shares can firm up, we see the next level of overhead resistance around the $60 price level. We would remain on the sidelines for now.
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