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Cramer says ‘easy money has been made in Nike’ ahead of earnings

By: Invezz

December 19, 2023 at 12:24 PM EST

jim cramer shares view on nike stock

Shares of Nike Inc (NYSE: NKE) are not very likely to push meaningfully to the upside in the near term, says Jim Cramer.

Cramer shares his view on Nike stock

The famed investor is convinced that it’s too late to invest in the athletic footwear company now that its stock has already gained more than 35% over the past three months.

On CNBC’s “Squawk on the Street”, he said today:

I think the easy money has been made in Nike. That doesn’t mean it won’t be great. Doesn’t mean you won’t get some. But it does mean that you’re playing with fire.

Note that Nike Inc is scheduled to report its financial results for the second quarter on the coming Thursday. Consensus is for it to earn 84 cents a share versus 85 cents per share a year ago.

Bernstein sees upside in Nike stock to $134

Nike stock could climb another 5.0% or so from here, as per the Mad Money host. Still, he dubs it a great trade for a hedge fund only and not so much for an individual.

Cramer’s view is in contrast with Aneesha Sherman – a Bernstein analyst who recently reiterated her “buy” rating on shares of the Beaverton-headquartered firm.

Sherman’s $134 price target on Nike stock suggests a close to 12% upside on its previous close.

Watch here: https://www.youtube.com/embed/sle5Dlglp1M?feature=oembed

The New York-listed company is expected to post a less than 1.0% annualised growth in revenue for its second financial quarter. On Thursday, investors will particularly be interested in seeing how it performed in China in its recently concluded quarter.

The post Cramer says ‘easy money has been made in Nike’ ahead of earnings appeared first on Invezz

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