Nike gains on plans to rejoin Amazon, hike some product prices

Nike's NKE.N shares up 2.12% at $61.25 in U.S. premarket trading

NKE to resume selling on Amazon AMZN.O after six-year hiatus

Also plans to raise prices of some products from next week

*Amazon is largest e-commerce platform and this move further cements Nike's brand ubiquity, says Randal Konik, analyst with Jefferies

Adds that under CEO Hill, Nike is making right moves across company culture, product development and distribution

Avg. rating of 41 is equivalent to "buy", median PT is $70 - LSEG data

NKE's shares have slumped ~21% this year through Wednesday, becoming fifth worst among consumer discretionary stock .SPLRCD

However, its F12M PE of 30.3 is fifth highest in that group - LSEG data

Amazon stock, down ~8% YTD, has F12M PE of 30.5