- Wells Fargo analyst Kate Fitzsimons upgraded Nike Inc NKE to Overweight from Equal Weight with an unchanged price target of $175, implying a 19.86% upside.
- Fitzsimons noted the stock's 12% year-to-date decline presents a "rare buying opportunity for this best-in-class global athletic name."
- The analyst expects accelerating trends for Nike in fiscal 2023, and recent channel checks in China suggest the brand can improve sequentially from Q2.
- Nike is well-positioned to retain its number one market share in the region in the longer term, Fitzsimons added.
- The analyst also cited greater confidence in Nike's China trajectory and a favorable risk/reward ahead of accelerating trends for the upgrade to Overweight.
- Price Action: NKE shares traded higher by 1.27% at $147.85 in premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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