Nike shares are trading higher after Citigroup upgraded the stock rom Neutral to Buy and raised its price target from $100 to $135.
Portfolio Pulse from Benzinga Newsdesk
Nike's stock (NKE) is trading higher following an upgrade from Citigroup, changing its rating from Neutral to Buy and increasing the price target from $100 to $135.
December 11, 2023 | 12:57 pm
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POSITIVE IMPACT
Citigroup upgraded Nike's stock from Neutral to Buy and raised the price target from $100 to $135, indicating a positive outlook on the company's future performance.
Analyst upgrades typically lead to a positive short-term reaction in the stock market as they suggest a better-than-expected future performance of the company. The increase in price target from $100 to $135 by Citigroup is a significant change, indicating a strong conviction in Nike's growth potential. This upgrade is likely to instill confidence among investors, potentially driving up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100