- Nike hit a record high Wednesday after reporting first-quarter earnings that beat even the most bullish Wall Street estimates.
- The earnings beat sent off a flurry of price target upgrades and positive notes from Wall Street analysts.
- Here's what Wall Street is saying about Nike's performance, and what it could mean for the company's future.
- Watch Nike trade live on Markets Insider.
Nike is back in the game, and Wall Street couldn't be happier.
After two quarters of disappointing earnings growth - followed by Nike's first earnings miss in 7 years at the end of fiscal 2019 - the company had good news to report. It's first-quarter 2020 earnings handily beat even the most bullish Wall Street estimate.
The beat sent shares climbing more than 6% to a new record high. The earnings beat also suppors the notion that the company's focus on transforming its business is paying off Digital sales grew 42% during the quarter, CEO Mark Parker said on a call with analysts.
Wall Street analysts went into a flurry after Nike's earnings. Between Tuesday and Wednesday, 22 of the 38 analysts that cover the stock released notes on the earnings performance, many that included price target and rating upgrades.
Wall Street has remained bullish on Nike, even after two quarters of disappointing earnings amid an increasingly tough landscape for retailers. The bullish sentiment expanded after Tuesday's report. Of the 39 analysts that cover Nike, a majority of 24 have "buy" ratings on shares. Only 8 have hold ratings, and two analysts say to sell Nike.
Here's what Wall Street analysts are saying about Nike's record performance, and what it could mean for the retailer going forward.
