《大行報告》美銀證券升Nike(NKE.US)目標價至130美元 料次財季收入遜惟每股盈利尚好
美銀證券發表研究報告指,預計Nike(NKE.US)截至今年11月底止第二財季的每股盈利尚好,將會符合或勝於預期,但2024財年第二及第三財季的銷售收入均較預期弱。該行將關注DTC(向客戶直銷)加快的趨勢和成功創新的跡象,作爲集團增長的指標。該行將目標價由110美元上調至130美元,以反映同行估值擴張,續予「中性」評級。
該行表示,今年度Nike的毛利率擴張目標爲140至160個基點。不過,中國市場的利潤率仍較疫情前的水平低逾600個基點,該行相信是由於低於算法的複合年增長率和渠道中的高庫存所造成。集團截至今年11月底止首財季的中國庫存按年增6%,但較2019年增長81%,銷售額則升26%。該行關注集團因競爭帶來的促銷壓力。
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