Nike stock rallies to pace Dow gainers after J.P. Morgan boosts price target

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Shares of Nike Inc. hiked up 3.3% to pace the Dow Jones Industrial Average's percentage gainers, after J.P. Morgan analyst Matthew Boss boosted his price target to $85 from $81, citing evidence that North America "momentum" is accelerating. Boss kept his rating at neutral, which he's had on the athletic apparel and accessories giant's stock since June 2017. Boss said management expects product innovation to accelerate across both performance and lifestyle with "distribution diversification" in the early innings, with opportunities to accelerate digital growth. Regarding China, which accounts for about 14% of sales, Boss said management remains "bullish on current trends, citing no signs of a slowdown to date [with] the local consumer," as its "on-the-ground" research suggests solid demand across the full-price category. The stock has lost 5.6% over the past three months but was still up 24% year to date, while the Dow has slipped 1.1% the past three months and gained 3.9% this year.

2 COMMENTS

  1. I have been behind Nike since day one it is a great stock to have inside your portfolio and one that diversifies away from things like Energy which have been all over the place lately. Good stock.

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