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Nike Inc(NYSE:NKE) Price Target Raised by Canaccord; Manitowoc Company, Inc. (NYSE:MTW)

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By on Consumer Staples

Nike Inc(NYSE:NKE) share price target was raised to $76 from $71 by analysts at Canaccord Genuity, who maintained their hold rating on the stock. 

In a note, analyst Camilo Lyon said; “Basketball and women’s are the standout growth categories that are likely to continue driving growth.” Football was also strong, helped by the World Cup, though running is growing at a lower rate, the note said. 

Lyon added, “As we expected, expenses will not abate in 2015 from the rate of growth in 2014 as NKE will continue to pursue its strategy of DTC and e-commerce growth, coupled with continued investments in demand creation.”  The firm also increased its 2015 annual EPS estimate to $3.30 and its 2015 annual revenue estimate to $30.28 billion. Shares of NKE were up 2% to $78.37 in Friday’s morning session, amid a 52-week trading range of $60.18 – $80.26.

Another notable analyst action this morning consisted of Manitowoc Company, Inc. (NYSE:MTW) shares being Downgraded to Market Perform from Outperform. Manitowoc (MTW) shares were downgraded to market perform from outperform by BMO Capital Markets, which cited “limited near-term upside and increased risk to the downside.”

The firm also said that the lifting and food service equipment provider’s share price is currently trading near the $34 price target. MTW was up more than 8% recently, near the higher end of the 52-week range between $17.85 and $33.46.

BMO Capital noted that Manitowoc surged after Relational Investors announced an 8.5% stake in the company and called for a separation of the Crane and Foodservice businesses. 

“Based on our sum-of-the-parts valuation using our 2015 estimates, we arrive at a share price of $37.18, which represents only approximately 12% upside from the after-hours price of $33.25 compared with the downside risk of approximately 11% should the shares retreat to their level prior to Relational’s announcement,” BMO Capital Markets said in a note. 

Noting the company is subject to Wisconsin laws, which has strong takeover provisions, and the company’s bylaws require at least a two-thirds majority shareholder vote to replace or elect directors, BMO Capital said it may be difficult for Relational to secure board positions to effect the change it seeks.

 

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