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Why Nike Stock Jumped Higher Today
Shares of the world's most popular athleticwear brand, Nike (NYSE: NKE), were up 5% as of noon ET Monday, according to data provided by S&P Global Market Intelligence.The increase is due to investment firm Jeffries raising its price target on the company to $115 per share, a 46% increase from its current price.Nike's stock cratered 55% from its highs after the company alienated many of its product distribution partners over the last few years. Seeing initial success from its in-house Nike Direct and Nike Digital operations, the company leaned into its own sales capabilities in favor of maintaining relationships with its wholesale partners.Continue reading
Shares of the world's most popular athleticwear brand, Nike (NYSE: NKE), were up 5% as of noon ET Monday, according to data provided by S&P Global Market Intelligence.
The increase is due to investment firm Jeffries raising its price target on the company to $115 per share, a 46% increase from its current price.
Nike's stock cratered 55% from its highs after the company alienated many of its product distribution partners over the last few years. Seeing initial success from its in-house Nike Direct and Nike Digital operations, the company leaned into its own sales capabilities in favor of maintaining relationships with its wholesale partners.
