Analyst: Nike Stock Poised for a Rebound

The equity is a popular ticker amongst call traders

Jake Scott

Deputy Editor

Jun 21, 2024 at 11:55 AM

Oppenheimer upgraded Nike Inc (NYSE:NKE) stock to "outperform" from "market perform" and raised its price target to $120 from $110. The analyst also reinstated the retail giant as a top mega cap pick in its bull note, saying NKE is setup for a gradual rebound amid product innovation and brand-building efforts.

At last glance, Nike stock is trading 0.6% higher at $96.12. The security is poised for its third weekly win in four, extending its slim quarter-to-date lead to 2.4%. The equity also just reclaimed support from long-term pressure at its 80-day moving average.

Options traders were ahead of Oppenheimer's bullishness, per NKE's 50-day call/put volume ratio of 2.50 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This reading stands higher than all readings from the past 12 months, implying traders have been much more bullish than usual in the last 10 weeks.

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