Nike (NYSE:NKE) terminated its association with basketball star Kyrie Irving effective immediately, which included the cancellation of the player’s signature sneaker. The news comes in response to the Brooklyn Nets player’s promotion of an anti-Semitic film and his subsequent refusal to issue a timely apology for it.
Irving was also barred from at least five Nets games as a result of his unabashed anti-Semitic support for the documentary titled “Hebrews to Negroes: Wake Up Black America,” during which time he will not receive any fees. The player later acknowledged that the documentary contained false statements related to Jews.
“At Nike, we believe there is no place for hate speech and we condemn any form of anti-Semitism,” said Nike, denouncing the act.
Irving’s partnership with Nike was originally planned to expire on October 1, 2023. The highly in-demand sneaker, Kyrie 8, has been pulling in considerable sales for Nike over the past few years. Sales of Irving’s shoe series have been just behind those of another basketball star, LeBron James’ signature series. This means that the suspension of Kyrie 8 will have a short-term impact on Nike’s revenues.
Is Nike a Good Stock to Buy Today?
Wall Street is cautiously optimistic on Nike stock, with a Moderate Buy consensus rating based on 17 Buys and 10 Holds. The average price target for NKE stock is $109.92, meaning that the current price can go up 14.75% over the next 12 months.
