Argus Research upgrades Nike to 'buy', sees continuation of market dominance

Argus Research upgrades Nike NKE.N to "buy" from "hold", sets a PT of $85

Expects Nike to continue dominating athletic apparel and footwear markets, says it has a particularly strong presence in high-end footwear thanks to marketing strength and endorsements from famous athletes

Nike had forecast a smaller-than-expected decline in Q1 revenue last week, and announced plans to reduce reliance on Chinese manufacturing for its U.S. market

Average rating of 40 analysts is "buy"; with a median PT of $72.95 - data compiled by LSEG

Up to last close, stock has fallen ~6% YTD