3 Retail Stocks Hit 52-Week Highs

NEW YORK (TheStreet) -- The following retail stocks hit 52-week highs on Wednesday: Nike(NKE) , Nordstrom(JWN) and Lululemon(LULU) .

Nike

"We are initiating coverage of Nike with a Buy rating and $128 price target," Benchmark analysts said in an April 20 report. "With its diversified distribution channels, large international exposure and innovation pipeline, Nike is a global brand leader in athletic footwear and apparel with a significant emerging markets growth opportunity, cash rich balance sheet and best in-class management team. Our call is not just based on the view that 2012 is setting up to be a stellar year given the sporting calendar. We think the company is well-positioned to continue to take share for the next several years and our FY14 estimate of $6.24 is almost 8% above consensus."

Shares of Nike hit a 52-week high Wednesday of $114.12. The stock's 52-week low of $76.98 was set on Aug. 9.

Nike trades at an estimated price-to-earnings ratio for next year of 19.67 times; the average for footwear companies is 14.43. For comparison, Skechers(SKX) has a higher forward P/E of 27.23.

Seventeen of the 24 analysts who cover Nike rated it buy. Six analysts gave the stock a hold rating and one rated it sell.