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© Reuters.Investing.com – Shares of athleticwear giant Nike (NYSE:) rose in midday trading, setting an all-time high thanks to an upgrade from Bank of America Merrill Lynch (NYSE:) that said the company can move past the troubles it’s faced for three years.
- Nike (NYSE:) shares rose 1.3% in midday trading to $95.06. They set a new all-time high of $95.24 earlier in the session.
- BofA Merrill analyst Robert Ohmes boosted the stock to neutral from underperform, citing the potential for the “accelerated democratization” (brand evolution through consumer input) of Nike (NYSE:).
- “We believe accelerated democratization of the Nike (NYSE:) brand will further offset the challenges of the last 3 years, including significant third-party retail store closures, global stagnation in ‘performance’ (Running, Training & Basketball) footwear & apparel sales (as casual athletic/athleisure trends now dominate), and the resurgence of Adidas (DE:) as a more significant global competitor from both a technology (boost) and fashion (Yeezy & three stripe apparel) standpoint,” Ohmes wrote, according to Briefing.com.
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