“Kyrie Irving is no longer a Nike (NYSE:NKE) athlete.” That’s the word out of Nike, which was already struggling under a negative halo effect of bad news out of VF Corp (NYSE:VFC). Nike is down just over 2.3% in trading today, though the loss of Kyrie Irving may only be a secondary issue right now.
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The deal between Nike and Irving was reportedly worth around $11 million per year. Moreover, Irving’s shoe was one of the most popular shoes worn by NBA pros in 2021. Despite this level of success, Irving’s promotion of an anti-Semitic documentary just weeks ago led to the separation.
However, Kyrie Irving’s agent noted that the decision to part company was mutual. The move did ultimately kill the upcoming release of the Kyrie 8, the latest version of Irving’s sneaker line.
Overall, Wall Street analysts have a consensus price target of $110.08 on NKE stock, implying 0.36% upside potential, as indicated by the graphic above.
