Jefferies reiterated a Buy rating and $115 price target on Nike (NKE), noting that recently Nike has been featured in the Amazon App (AMZN), along with its dedicated shopping page. The firm believes the partnership between the two companies reinforces the Nike brand’s ubiquity and large total addressable market. As Nike rebalances wholesale distribution and inventories normalize, Jefferies believes last quarter market the bottom and remains an aggressive buyer of the shares at these levels.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NKE:
- Morning News Wrap-Up: Friday’s Biggest Stock Market Stories!
- Nike Stock (NKE) Races Higher as it Catches Up With Chinese Trail Runners
- Dick’s Sporting Goods (DKS) Makes Analysts Sweat Ahead of $2.4B Foot Locker Deal
- Nike Chairman sells $6.54M in common stock
- Nike returned to ‘pole position’ at Foot Locker, says JPMorgan