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Nike Inc‘s (NYSE:NKE) stock has had a rough few years. Shares have slumped nearly 60% since 2021 highs as sales growth at the Beaverton, Oregon-based company have waned. Amid a change in leadership, one analyst has turned bullish on the apparel giant.
The Analyst: Piper Sandler analyst Anna Andreeva issued a note for Nike on Friday, upgrading its stock from a Neutral to Overweight rating. Andreeva raised the price target from $72 to $90.
Main Takeaways: The analyst cited new CEO Elliott Hill‘s “intensified urgency to clean up the marketplace” as a reason to believe in a “visible recovery story” throughout the next few quarters.
Andreeva …
Full story available on Benzinga.com
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