3 Reasons to Buy Nike Stock
Nike (NYSE: NKE) shares are still down about 20% from 52-week highs set in January 2020, even after the overall market bounce of the past few days raised shares 34% from lows set in the past week. Like many other retailers, the shoe and clothing manufacturer and seller is facing headwinds related to efforts to stem the coronavirus pandemic.
The company is taking steps to address the issues and working to come out stronger on the other side of this situation, and it has $2.8 billion in cash to help it survive in the meantime. During the company's third-quarter earnings report conference call on Tuesday, President and CEO John Donahoe said: "We know it's times like these that strong brands get even stronger. And I truly believe no one's better equipped than Nike to navigate the current climate."
Let's look at three reasons why this short-term downturn could be an opportunity for long-term investors interested in the stock.
Source Fool.com
