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大行評級|花旗:上調耐克目標價至68美元 業務轉機最早要到2027財年才可能出現
格隆匯 06-30 14:10
花旗發表研究報吿指,耐克截至5月底止末財季銷售超出預期,但毛利率略微走弱。儘管耐克管理層表示假日訂單量有所增加等,但花旗認為,其銷售能否持續復甦和幅度最終將由零售端的消費者決定。鑑於耐克銷售和毛利率假設提高,並基於折現現金流模型,花旗將對其目標價從57美元上調至68美元,相當於預測2026和2027財年企業價值對EBITDA倍數分別28倍和23倍。花旗予耐克“中性”評級,認為其是全球運動鞋及服裝市場的主導者。花旗指,過去幾年中,耐克關鍵產品的過度分銷和高促銷力度對其銷售和利潤率造成了壓力。雖然新管理層正在推動業務轉型,但該行認為品牌管理問題及全球市場的宏觀逆風將在2026財年繼續拖累銷售和利潤,業務轉機最早要到2027財年才可能出現。
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