Nike Shares Edge Higher After Wells Fargo Upgrade -Breaking
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© Reuters. Sam Boughedda
Investing.com — Nike Inc (NYSE:) shares have inched higher after Wells Fargo upgraded the stock to overweight from equal weight, maintaining a price target of $175.
The Wells Fargo analyst who upgraded the stock, Kate Fitzsimons, said the recent pullback in Nike shares — to around the $146 level — has provided “a rare buying opportunity.” Fitzsimons said that Nike was the “best in-class global brand for athletics.”
An analyst spoke out about Nike’s improved supply chain and greater marketing investment. He also stated that Nike is in a strong position to maintain its top market share in China.
The analyst stated that “based on industry-related checks in China we believe the brand to be better equipped than others to manage the volatility”
Fitzsimons discussed Nike’s China track and the positive risk/reward trade for the stock, which provides it with the possibility of accelerating trends.
Nike shares were up 0.4% in the afternoon trade.
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