Nike: shares rise after Canaccord Genuity upgrade
(CercleFinance.com) - Nike, the world's biggest sportswear maker, saw its share price rise by up to 1.
2% on Tuesday after Canaccord Genuity upgraded it to "buy," which spurred investors into buying the stock.
The Canadian broker, which has raised its target price from 78 dollars to 95 dollars, said it sees a "virtuous cycle of innovation" at the group.
"After two years of a soft product cycle that led to increased inventory levels, higher discounting, margin compression, and market share declines, Nike has regained its footing and is solidly marching back to top form," Canaccord wrote in a report.
Nike shares are currently up 1.2% at 83.1 dollars, outperforming the Dow Jones index, which is down 0.3%. They are have risen by over 31% so far this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2% on Tuesday after Canaccord Genuity upgraded it to "buy," which spurred investors into buying the stock.
The Canadian broker, which has raised its target price from 78 dollars to 95 dollars, said it sees a "virtuous cycle of innovation" at the group.
"After two years of a soft product cycle that led to increased inventory levels, higher discounting, margin compression, and market share declines, Nike has regained its footing and is solidly marching back to top form," Canaccord wrote in a report.
Nike shares are currently up 1.2% at 83.1 dollars, outperforming the Dow Jones index, which is down 0.3%. They are have risen by over 31% so far this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.