In a report released today, Lorraine Hutchinson from Bank of America Securities reiterated a Buy rating on Nike (NKE – Research Report), with a price target of $90.00.
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Lorraine Hutchinson’s rating is based on Nike’s proactive measures to address inventory challenges and reset the marketplace, which are expected to pave the way for new product launches. Despite potential short-term margin pressures due to inventory buybacks and markdowns, these actions are seen as necessary steps to enhance the company’s future performance and stock value.
Additionally, Hutchinson highlights the importance of innovation and product success as critical factors for investor confidence. The anticipation of improved wholesale results and the introduction of new products in key sports categories are expected to act as catalysts for reengaging investors and driving stock performance. The current stock price offers an attractive entry point, with a price objective set at $90.00 USD.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $97.00 price target.