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NewsBreak: Nike Shares Hit All-Time High on Upgrade

Published 10/14/2019, 11:35 AM
Updated 10/14/2019, 11:38 AM
© Reuters.

Investing.com - Shares of athleticwear giant Nike rose in midday trading, setting an all-time high thanks to an upgrade from Bank of America Merrill Lynch (NYSE:BAC) that said the company can move past the troubles it’s faced for three years.

  • Nike (NYSE:NKE) shares rose 1.3% in midday trading to $95.06. They set a new all-time high of $95.24 earlier in the session.
    • BofA Merrill analyst Robert Ohmes boosted the stock to neutral from underperform, citing the potential for the “accelerated democratization” (brand evolution through consumer input) of Nike.

    • "We believe accelerated democratization of the Nike brand will further offset the challenges of the last 3 years, including significant third-party retail store closures, global stagnation in ‘performance' (Running, Training & Basketball) footwear & apparel sales (as casual athletic/athleisure trends now dominate), and the resurgence of Adidas (DE:ADSGN) as a more significant global competitor from both a technology (boost) and fashion (Yeezy & three stripe apparel) standpoint," Ohmes wrote, according to Briefing.com.

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