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Why Nike Stock Wilted on Wednesday
One analyst is no longer willing to run with Nike (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&P 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. Continue reading
One analyst is no longer willing to run with Nike (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&P 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.
