08:40 AM EDT, 03/22/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month price target by $4 to $95, based on 25.3x our FY 25 (Mar.) EPS estimate and below the company's 2-year average forward P/E multiple of 29.4x, reflecting our view that growth will be harder to come by for the footwear and apparel giant over the next 5 years. We raise our FY 24 EPS estimate by $0.15 to $3.65 and maintain our FY 25 EPS estimate of $3.75. NKE posts normalized Q3 EPS of $0.98 vs. $0.79, $0.23 above consensus estimates on revenues of $12.43B vs. $12.39B and $130M above estimates. By region, China revenues grew 6%, EMEA declined 4%, North America grew 3%, and APLA grew 4%. Q3 gross margin increased 150 bps to 44.8%, driven by lower freight and logistics costs and better promotional activity. Demand creation or marketing expenses increased 10% to $1B in the quarter. Inventory declined 13% Y/Y to $7.7B, which we see as healthy. We continue to look for where the next leg of growth is going to come from at NKE and remain cautious on shares, but believe valuation is now fair.