Why Nike Stock Wilted on Wednesday
One analyst is no longer willing to run with (NYSE: NKE), and the stock stumbled on Wednesday as a result. Numerous investors took the pundit's recommendation downgrade to heart and traded out of Nike; when the race was over, the shares had clocked a 2% decline in price. That wasn't impressive considering the S 500 index inched up on the day, albeit only marginally.
Before market open, Wells Fargo (NYSE: WFC) prognosticator Ike Boruchow knocked his Nike recommendation down to equal weight (read: hold) from his preceding overweight (buy). He also made a relatively aggressive cut to his price target on the well-known athletic apparel and equipment company to $55 per share from $75.
Nike bulls could take some comfort from the fact that Boruchow's move was part of a broader update on U.S. apparel and footwear stocks, and not limited to Nike.
Source Fool.com
Nike Inc. B Stock
The stock is an absolute favorite of our community with 59 Buy predictions and no Sell predictions.
With a target price of 73 € there is a positive potential of 27.22% for Nike Inc. B compared to the current price of 57.38 €.
