Warriors Switch Flagship Station To KGMZ Penn State, EON Sports Launch VR Channel Domain Names Filed For Las Vegas Desert Knights World Baseball Classic Returns To Dodger Stadium Mark McClusky Named Digital Editor Of SI Group Venus Williams To Star In New Amex Ads Lazarus Says Rio A Financial Success For NBC McIlroy Not Rushing Equipment Decision Fox, SI Reach Digital Content Partnership U.S. Soccer Suspends, Terminates Solo's Contract
SBD/February 12, 2013/FinancePrint All
JP Morgan yesterday upgraded shares of Nike “to overweight, giving the stock a boost in a down market,” according to CNBC's Scott Wapner. Baker Ave Asset Management CEO Simon Baker said Nike has a “multiyear product line ahead of it,” $2-3B in “free cash flow” and the slowdown in China has been "corrected.” Baker also noted Nike “sees a big opportunity in women’s apparel” and has “massive growth” in e-commerce. But Shelter Harbor Capital co-Founder Brian Kelly said those positives had “already been priced in the stock." Nike is up 20% "in the last couple of months,” and the JP Morgan note "didn’t really bring out anything incrementally new." Kelly: "It was all about the fact that the management said everything was going to be great.” Simon added, “One thing that Nike has consistently done over the last 30 years, which you can’t put in a balance sheet, is innovation.” Fusion Analytics VP Josh Brown: “Whatever you think they’ve already done in China is a joke compared to what the opportunity is” (“Fast Money Halftime Report,” CNBC, 2/11).