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Analysts are bullish on Nike shares even after the apparel giant's earnings miss

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Nike shares slid in the premarket after the sports apparel firm missed earnings expectations. However, it did beat revenue estimates.

Analysts remain bullish on Nike's direct-to-consumer strategy and brand momentum, even after the sports apparel giant's disappointing earnings results. Nike shares slid 3% in the premarket. The company missed earnings expectations for the first time in three years because of lower margins. However, Nike did exceed revenue forecasts. In its fiscal fourth quarter , Nike reported per-share earnings of 66 cents, which was lower than the 67 cents anticipated by analysts polled by Refinitiv.

JPMorgan's Matthew Boss also kept his overweight rating. He cited Nike's better-than-expected revenue, improving inventories, as well as no change to the brand's momentum in its direct-to-consumer strategy.

 

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