NewTradingView.com – Investing and Stock News
Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Investing

Nike shares rise after robust quarter results but will the stock break this key level?

by December 21, 2022
written by December 21, 2022

Nike Inc. stock (NYSE:NKE) rose more than 12% on Wednesday as second-quarter results topped estimates. The EPS in the quarter report came at $0.85, exceeding estimates of $0.65. The revenue was $13.3 (£10.99) billion, more than $12.58 (£10.40) billion estimates.

Analysts were encouraged by the stock market news of the sports apparel company. Oppenheimer commented on the results, saying they are decidedly upbeat. According to the analysts, the results lauded Nike’s powerful and digitally-driven model. 

Barclays analysts noted that the quarter results proved the brand strength of Nike and its innovation. The comment comes even as Nike attributed the performance to strong demand and improved inventory. The company said the second-quarter momentum accelerated into the third quarter. That was especially driven by strong demand during Cyber Week. 

Nike stock has now earned a better rating across the board. Wells Fargo gave the stock an overweight rating, targeting $135. NKE traded at $118 as of press time. Raymond James also threw weight on the stock, rising the price target from $99 to $130. Morgan Stanley expects the stock to hit $138. Barclays was the least optimistic, holding an equal weight rating, citing an uncertain demand.

We believe $138 is a realistic target if investing in NIKE in the short and medium term. However, the stock must overcome a crucial resistance level. Let’s shift to the technical side.

NKE battles resistance amid a strong bullish momentum

NKE Stock Chart by TradingView

On the technical outlook, NKE is battling resistance around $118. A strong bullish candlestick has formed below and towers at the resistance, indicating increased stock buying. That is marked by a strong and rising momentum on the MACD indicator.

Are Nike shares attractive?

NKE is attractive after the strong quarterly results and outlook. Clearance of the $118 resistance would set the stock to a higher price. Investors can buy NKE on the breakout. We see the next target for the stock at $138, although any area from $130 could act as resistance.

The post <strong>Nike shares rise after robust quarter results but will the stock break this key level?</strong> appeared first on Invezz.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Cramer’s top three bank stocks for 2023
next post
Should you buy oil given the unprecedented divergence with energy stocks?

You may also like

How to play stocks as nonfarm payrolls increase...

February 5, 2023

As Adani implodes, how safe is Reliance Industries...

February 3, 2023

Deutsche Bank recommends selling Ford stock after its...

February 3, 2023

Google missed estimates in Q4: ‘it’s still the...

February 3, 2023

Nordstrom stock opened 30% up on Friday: explained...

February 3, 2023

Apple reports sales decline: here’s why this analyst...

February 2, 2023

Amazon just reported its least profitable Q4 in...

February 2, 2023

Pro: invest in REITs to ‘withstand volatile economic...

February 2, 2023

FedEx stock price forecast: Citi sees another 20%...

February 2, 2023

US court dismisses claim Coinbase sold unregistered securities

February 2, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Popular Posts

  • 1

    My Trigger to Enter $VAPR

  • 2

    Scaling Up Tips From A 24-Year Old Millionaire Trader {VIDEO}

  • 3

    Multi-Millionaire Trader Explains Why You Should Start Trading With A Small Account {VIDEO}

  • 4

    Pay Attention to These Stocks

  • 5

    New ‘Hunger Winter’ Looms as Europe Prepares to Shiver

Recent Posts

  • How to play stocks as nonfarm payrolls increase in January?

    February 5, 2023
  • 1619 Project: A Flawed Interpretation With a Hidden Agenda (Video)

    February 5, 2023
  • Words, Numbers, and Samuel Gregg

    February 4, 2023
  • The Tragedy of the Monetary Commons

    February 4, 2023
  • As Adani implodes, how safe is Reliance Industries stock?

    February 3, 2023

Categories

  • Economy (609)
  • Editor's Pick (234)
  • Investing (1,614)
  • Stock (9)
  • About Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • Contacts

Disclaimer: NewTradingView.com, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 NewTradingView.com All Rights Reserved.


Back To Top
NewTradingView.com – Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick