NIKE (NYSE:NKE) Trading 1.7% Higher on Analyst Upgrade
NIKE's Stock Price Rises
NIKE's stock is trading 1.7% higher on Tuesday, following an analyst upgrade from Goldman Sachs. Analyst John Murphy upgraded NIKE from "neutral" to "buy", with a price target of $175 per share.
Goldman Sachs Upgrade
In a research note, Murphy said that NIKE is likely to benefit from a number of factors, including the upcoming 2023 FIFA Women's World Cup.
Murphy also noted that Nike is expected to release a number of new products in the coming months, including the Air Zoom G.T. Cut 2 and the Air Jordan 37.
Positive Outlook
Murphy's upgrade is the latest in a series of positive analyst reports on NIKE. In recent weeks, analysts at Morgan Stanley, Jefferies, and UBS have all upgraded NIKE with bullish price targets.
The consensus price target for NIKE among analysts is now $167.50 per share, which represents a potential upside of over 10% from the current price.
NIKE is scheduled to report its fiscal 2023 first-quarter results on September 28th.
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