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《大行》摩根士丹利升Nike(NKE.US)目標價至64美元 維持「與大市同步」評級
阿思達克 06-30 14:27
摩根士丹利研究報告指,Nike, Inc.(NKE.US)2025財年第四財季度銷售帶動業績表現,認爲其基本面有可能見底。首季及全年預期基數較低,較管理層過去兩年的表現令人感到欣喜。大摩指,雖然Nike變化速度應爲正向,但對其長期增長及利潤率的審慎態度保持不變,維持「與大市同步」評級,並將目標價從61美元上調至64美元,相當於2027年預期每股收益的38倍市盈率。 報告提及,儘管大摩認爲Nike的轉型之路漫長,但管理層看似爲2026財年首季及全年設定了適當偏低的預期,讓大摩在2025財年第四季度財報後持更樂觀態度。 大摩指,Nike管理層未明確提供全年指引,但下半年收入似乎低於市場預期(較市場預期1%按年增長略有壓力),有關毛利率的評論也暗示將持續下降(市場預期下降70個基點),全年銷售及管理費用小幅增長,但低於預期(市場預期增長1%)。因此,大摩認爲管理層的每股收益預期可能在1美元中段,低於財報前市場共識(1.73美元)。 大摩基於較弱的毛利率及銷售及管理費用假設,下調Nike2026財年首季每股收益預估至29美分(之前爲36美分),部分被銷售改善所抵消。展望全年,監於第四季度幾乎所有地區銷售好於預期,對2026財年銷售持更樂觀態度(下降3%,之前爲下降4%),但認爲這將以毛利率下降爲代價。
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