Analyst Predicts More Record Highs for Nike Stock

NKE stock is pacing for its best week since mid-December

Managing Editor
Feb 16, 2018 at 10:30 AM
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Nike Inc (NYSE:NKE) stock is up 0.9% to trade at $68.88, and earlier tagged a new record high of $68.98, after the shoe giant received a price-target hike to $80 from $74 at Stifel -- a roughly 16% premium to its current perch. Nike shares are now up 4.9% week-to-date, and on track for their best weekly performance since Dec. 15.

This positive price action is just more of the same for NKE stock, which bounced sharply from its 40-day moving average during the recent stock market sell-off, a rising trendline that has guided the equity higher since late October. Plus, the security has added nearly 9% year-to-date -- making it one of the best Dow stocks -- and boasts a year-over-year gain of 22%. 

Nevertheless, a significant number of analysts remain skeptical, with 14 out of 27 maintaining a "hold" or "strong sell" rating. Furthermore, NKE's average 12-month price target sits at $67.47, a discount from the stock's current perch. This indicates there is plenty of room for upgrades and/or more price-target hikes down the road.

Short sellers have been in covering-mode for a while now. Short interest plunged 40% since Dec. 1, but still represents more than three-days of pent-up buying demand, at NKE's average daily trading volume -- signaling more sideline cash available to help fuel the equity's fire. 

Options traders considering speculating on NKE's short-term trajectory should note the stock's elevated Schaeffer's Volatility Scorecard (SVS) of 87. This indicates that Nike shares have exceeded options traders' volatility expectations during the past year -- a boon to those potentially buying premium.

 

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