Nike Bets On Olympics to Boost Performance Sales: Report
Portfolio Pulse from Lekha Gupta
Nike, Inc. (NYSE:NKE) shares rose after launching Olympic kits and receiving an upgrade from BofA Securities from Neutral to Buy with a price target increase from $110 to $113. The company aims to leverage the Olympics to boost sales of its performance products, including the Alphafly 3 marathon shoe and Pegasus shoe range. Nike plans to outfit teams from various countries in different sports. The company also reported a slight year-over-year increase in third-quarter revenue, beating consensus estimates. Exposure to Nike's stock can also be gained through IQ Healthy Hearts ETF (NYSE:HART) and Listed Funds Trust Roundhill S&P Global Luxury ETF (NYSE:LUXX).
April 11, 2024 | 1:45 pm
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POSITIVE IMPACT
IQ Healthy Hearts ETF, which includes Nike in its holdings, may see a positive impact from Nike's recent developments.
As HART ETF holds Nike shares, positive news and performance from Nike can indirectly benefit HART's overall performance, attracting more investors.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Listed Funds Trust Roundhill S&P Global Luxury ETF may benefit from Nike's positive momentum, given its inclusion in the ETF.
LUXX ETF, which includes Nike, could see a positive impact on its performance due to Nike's recent upgrades and marketing initiatives, potentially attracting more investors to the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Nike's Olympic kit launch and BofA Securities upgrade likely to boost investor confidence and stock performance.
The launch of Olympic kits and the upgrade by BofA Securities directly impact Nike's market perception, potentially increasing its stock value in the short term due to heightened investor confidence and visibility.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100