American footwear giant Nike, Inc. (NYSE:NKE) has sued Canadian athletic clothing company Lululemon Athletica (NASDAQ:LULU) for patent infringement, as per Reuters. The complaint includes at least four footwear products from Lululemon that are cited as infringing.
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Notably, Nike claims to have suffered economic losses and “irreparable injury” as a result of the sale of Lululemon’s Blissfeel, Chargefeel Low, Chargefeel Mid, and Strongfeel footwear.
The complaint was filed in federal court in Manhattan, and Nike has not specified the amount of damages it seeks from the case.
Is Nike a Buy, Sell or Hold?
On TipRanks, NKE stock has a Moderate Buy consensus rating. This is based on 20 Buys, six Holds, and one Sell rating in the past three months. Also, the average Nike price forecast of $128.48 implies 1.7% upside potential to current levels. Meanwhile, the stock has lost 13.7% over the past year.
