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Nike (NYSE: NKE) crushed top- and bottom-line estimates in its fiscal third-quarter earnings report on Tuesday, but that wasn't enough to please the market. After its latest earnings report, here are three reasons to buy Nike stock now. With a surge in inventories last year, Nike has been hit by challenges on the cost side, but revenue growth remains strong for the Swoosh, reassuring investors that there's plenty of consumer demand for its products, even as much of the world is dealing with high inflation and the threat of a recession.
The stock market has been very volatile lately; stocks are soaring one day and plummeting the next. Sporting apparel company Nike (NYSE: NKE) has held its own; shares are down just 10% over the past year. Nike may be a proven winner, but that doesn't make it a buy today.
The average brokerage recommendation (ABR) for Nike (NKE) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought-after metric questionable. So, is it worth buying the stock?