Consumer
Nike Upgraded to Buy as Bank of America Sees New Products Fueling Comeback
- Estimates ‘finally look achievable,’ says analyst Hutchinson
- New product launches seen as key to Nike’s return to growth
Nike shares advanced 3.1% at 11:45 a.m. on Thursday in New York to $91.74 per share.
Photographer: Shelby Knowles/BloombergThis article is for subscribers only.
Nike Inc.’s estimates “finally look achievable,” according to Bank of America Corp., which has turned bullish on the stock as the sportswear brand looks to return to growth after a string of weak results.
Analyst Lorraine Hutchinson upgraded her recommendation to buy after spending almost three years on the sidelines with a neutral rating. Hutchinson, who also lifted her price target on the stock to $113 from $110, noted that Wall Street’s projections for profit in fiscal 2025 have come down 35% over the last two years.