Posted 4/11/2024, 8:43:00 PM
Nike Stock Upgraded by BofA on Paris Olympics Potential, Cost Cuts
- Nike stock rose after BofA Securities upgraded it to buy rating, citing Paris Olympics as catalyst
- BofA raised Nike's price target to $113 from $110, saying estimates now look achievable
- Nike coming off Q3 earnings beat in March, but forecast revenue decline in 1H fiscal 2025
- Nike plans to cut costs by $2B over next 3 years, including reducing workforce by 2%
- Nike stock swung 3.4% higher Thursday, putting it near short-term support levels
