Bank of America Downgrades Nike to Underperform
Nike (NKE) shares fell approximately 2% in premarket trading after Bank of America downgraded the stock from Neutral to Underperform. The downgrade was attributed to a slower-than-expected turnaround, with underperformance in larger lifestyle categories overshadowing product strengths. The firm also cut its price target for Nike to $30 per share from a previous level that is not specified but presumably higher given the new rating. This move reflects concerns about the company's ability to regain momentum amid ongoing challenges in key segments of its business.
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