Why Nike's (NKE) DTC Expansion Could Create A Multi-Year Inflection
b'Cowen\'s John Kernan recaps Nike\'s earnings, with his firm raising its price target to $154 from $144 with a hold rating. He highlighted how DTC expansion and the "manufacturing revolution" could create a multi-year inflection in gross margin, past prior peaks. The company could also return $33B+ to shareholders over the next 5 years through repurchases and dividends. Revenue growth expanded 5% from last year, while gross margin also improved to 46.6%.'