BUZZ-Nike gains after Jefferies upgrades to 'buy'
Updates
Shares of Air Jordan maker Nike NKE.N up as much as 6% to a near three-month high of $81.09
Jefferies upgrades NKE's rating to "buy" from "hold"; raises PT to $115 from $75
Brokerage says NKE's renewed focus on innovation will balance inventories, boost wholesale distribution and lead to higher sales and profits, especially since market expectations are currently low
"(Elliot) Hill is intimately engaged with current and lapsed retail partners. We think Hill has the right playbook; it worked a decade ago, so it's highly likely to work again," Jefferies says
Former senior executive Elliot Hill took over as co's CEO in October
Avg. rating of 39 analysts is "buy"; median PT $90 — data compiled by LSEG
NKE stock fell ~30% in 2024; it has risen 1.1% so far this year
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