Nike Inc. shares rose in Thursday premarket trading after the world's biggest athletic shoe and clothing company posted third-quarter results above Wall Street's expectations.
Late Wednesday Nike said its third-quarter profit climbed, helped by strong sales in emerging markets. Its profit of $1.01 per share and revenue of $4.7 billion beat the expectations of analysts surveyed by Thomson Reuters, who predicted earnings of 89 cents per share on revenue of $4.6 billion.
Analyst Mitch Kummetz of Baird said in a client note that Nike, based in Beaverton, Ore., also surpassed his earnings estimate of 82 cents per share. The analyst said Nike's running shoe and apparel orders are starting to improve, which is critical to its continued momentum.
Kummetz added that the company's renewed focus on core athletic segments have allowed it to continue to gain market share, while its global presence has buffered it somewhat from the weaker dollar.
Kummetz lifted his price target on the stock to $92 from $77.
Shares rose 3.7 percent, or $2.62, to $73.50 in premarket trading.
Late Wednesday Nike said its third-quarter profit climbed, helped by strong sales in emerging markets. Its profit of $1.01 per share and revenue of $4.7 billion beat the expectations of analysts surveyed by Thomson Reuters, who predicted earnings of 89 cents per share on revenue of $4.6 billion.
Analyst Mitch Kummetz of Baird said in a client note that Nike, based in Beaverton, Ore., also surpassed his earnings estimate of 82 cents per share. The analyst said Nike's running shoe and apparel orders are starting to improve, which is critical to its continued momentum.
Kummetz added that the company's renewed focus on core athletic segments have allowed it to continue to gain market share, while its global presence has buffered it somewhat from the weaker dollar.
Kummetz lifted his price target on the stock to $92 from $77.
Shares rose 3.7 percent, or $2.62, to $73.50 in premarket trading.
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