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《大行》瑞銀升Nike(NKE.US)目標價至63美元 維持「中性」評級
阿思達克 06-30 12:02
瑞銀研究報告指,Nike Inc.(NKE.US)5月底止末財季業績優於預期,其轉勢較該行預期更快。耐克第四季報告顯示,公司庫存水平有所改善,銷售增長展望也強於瑞銀的預期,促使瑞銀上調對其每股盈測,並基於2028財年每股盈測2.15美元約29倍計,將目標價從56美元上調至63美元。 不過瑞銀繼續維持耐克「中性」評級,因該行不確定耐克的基本面在未來12個月內能否持續顯示二階導數改善。另外,關稅風險依然顯著。根據瑞銀的分析顯示,若美國對越南的關稅稅率從10%提高至25%,耐克的毛利率將受到約150個基點的負面影響。瑞銀也認為,耐克第四季報告中的多數正面消息將迅速反映在股價中。 瑞銀對耐克2026、2027及2028財年每股盈測分別上調42%、16%和2%,主要基於該行對耐克銷售前景更樂觀;耐克表示能比瑞銀預期更有效地緩解關稅對毛利率的壓力;基於更新的收入展望,瑞銀預測固定成本去槓桿化程度降低。這些因素被更高的稅率和較低的股票回購預測部分抵消。
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