DraftKings Closes On $300M Series D Round Michigan State Well Behind Michigan's Nike Deal Nike/Michigan Pact Worth $169M DraftKings To Close VC Funding In Coming Weeks New Nike Ad Not "Short" On Star Power FanDuel Closes On New VC Financing Westbrook Releases Debut Signature Shoe Hackett: UM's Nike Pact Is Nation's Most Lucrative Univ. Of Michigan Spurns Adidas For Nike Tennessee Unveils New Nike Uniforms
WORD ON THE STREET: NIKE TRADING TO MIXED REVIEWS
Published December 8, 1997
Nike stock value was examined by MA-based Dreman Value Management Money Manager John Dorfman for BLOOMBERG BUSINESS NEWS. Dorfman noted that Nike has seen its stock fall 20% this year, and that with Standard & Poor's 500 up about 33% for the year, Nike has trailed the market by some 53 percentage points -- "a truly awful performance." Sands Brothers & Co's Brad Cohen last week "slapped a 'sell' recommendation" on Nike. Cohen doesn't think the stock will be a "timely purchase" for another 12-24 months, though he said he might reconsider if the stock drops below $44. Currently, it's trading between $47 and $48. Dorfman reported that analytical opinion "is pretty evenly split on Nike," noting that the Bloomberg recommendation database shows 13 "buy" recommendations, nine "holds" and two "sells." Dorfman concluded that Nike "will show zero growth in earnings" for the current FY, with "about" 15% growth next year. Dorfman: "So is the stock cheap enough to buy? Not for me. My job is to try to buy stocks when they're unreasonably cheap" (BLOOMBERG NEWS/SEATTLE TIMES, 12/7).