BofA analyst Lorraine Hutchinson notes that last week three key retailers – Dick’s Sporting Goods (DKS), JD Sports (JDSPY), and Foot Locker (FL) – discussed Nike (NKE) on their earnings calls and all said they were energized by new products after attending Nike’s innovation summit in Paris ahead of the Summer Olympics and meeting with Nike at its headquarters. While BofA doesn’t expect these “green shoots” to translate into sales growth in the first half, it thinks building evidence of Nike’s innovation pipeline will bolster confidence in a second half turnaround. The firm maintains a Buy rating and $113 price target on Nike shares.
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