Nike (NYSE:NKE) stock is heading higher on Friday following the release of its fiscal Q4 earnings report for 2021 and it has analysts excited.
Jefferies analyst Randal Konik called out NKE stock as having tremendous growth potential after the release of its most recent earnings report. He claims it could head 50% higher and set a price target of $200 per share for the stock.
Keeping that in mind, let’s take a look at what went right for NKE stock during the fiscal Q4 earnings report.
- To start off with, Nike reported diluted earnings per share of 93 cents during the quarter.
- That’s quite the increase over its diluted EPS of 51 cents from the same period of the year prior.
- On top of that, it also easily beat Wall Street’s diluted EPS estimate of 51 cents for the quarter.
- Revenue reported by Nike during the quarter was up 96% year-over-year to $12.3 billion.
- It was also great news for NKE stock by coming in well above analysts’ estimates of $11.01 billion.
John Donahoe, president and CEO of Nike, said this about the news boosting NKE stock today.
“NIKE’s strong results this quarter and full fiscal year demonstrate NIKE’s unique competitive advantage and deep connection with consumers all over the world. FY21 was a pivotal year for NIKE as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for NIKE’s long-term growth.”
NKE stock was up 14% when markets opened on Friday and is up 8.6% since the start of the year.
Investors that want more recent earnings news should keep reading!
We’ve got loads of earnings coverage at InvestorPlace as the season starts to ramp up. That includes the latest earnings news from Roblox (NYSE:RBLX), GameStop (NYSE:GME), and ContextLogic (NASDAQ:WISH). You can check out more of those details at the following links!
More Earnings News for Friday
- Roblox Stock Is Looking to Level Up Again After Taking Earnings Hit
- GameStop’s Earnings Don’t Justify Its Price, But Investors Don’t Care
- ContextLogic Doesn’t Have the Fundamentals to Surprise as a Meme Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.