(Reuters) – Nike Inc’s (N:NKE) shares were set to open at a record high on Wednesday after the world’s largest sports shoemaker posted stellar quarterly results, driven by online sales.
Shares of the company were up 12.6% at $131.6 in premarket trading.
The brand’s digital sales, especially in North America, helped offset fall in sales at traditional brick-and-mortar stores due to COVID-19 restrictions and social-distancing measures.
At least seven brokerages raised their 12-month price targets on the stock with the biggest bump coming from Jefferies (NYSE:JEF) analysts, who raised their target to $117 from $95. Read more…..
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Nike brand digital sales increased 82 percent with double digit increases across North America and Greater China. The company reported net income of $1.5 billion, up 11 percent from last year. Liz Dunn, founder and CEO of Pro4ma Inc., and Sam Poser, Susquehanna Financial Group senior research analyst, join ‘Closing Bell’ to discuss.
