Evercore ISI initiated coverage of Nike with an Outperform rating and $124 price target. The athletic category “took longer than we expected to emerge from post-COVID supply chain/inventory bullwhip issues,” says the analyst, who thinks Nike’s recent fiscal Q1 update suggests fundamentals for the category “have finally bottomed.” Given that update, the firm now views the stock as positioned “well across several of our key investable themes,” the analyst tells investors.
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