Forecast Of The Day: Nike Brand Footwear Sales
What?
Nike’s (NYSE:NKE) revenue from footwear solid under the Nike brand declined from $24.2 billion in 2019 to $23.3 billion in 2020 although it recovered strongly to around $28 billion in 2021. Trefis expects the metric to grow to over $34 billion by 2023.
Why?
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While sales fell marginally in 2020 due to the impact of Covid-19, they recovered nicely in 2021 driven by the robust economic recovery following the initial lockdowns. We expect long-term growth to be driven by Nike’s strength in marketing and innovation.
So What?
However, we think the projected growth is largely priced into Nike stock. We value NKE at about $140 per share, 5% ahead of the current market price.
See Our Complete Analysis For Nike
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| Returns | Apr 2022 MTD [1] |
2022 YTD [1] |
2017-22 Total [2] |
| NKE Return | -1% | -20% | 163% |
| S&P 500 Return | 0% | -5% | 103% |
| Trefis MS Portfolio Return | 2% | -6% | 269% |
[1] Month-to-date and year-to-date as of 4/4/2022
[2] Cumulative total returns since the end of 2016
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