Meanwhile, Bernstein raised its price target on the stock to $90 from $85 and maintained an ‘Outperform’ rating.
Nike (NKE) has returned to “pole position” at sporting goods retailer Foot Locker (FL), according to JPMorgan, after the firm’s recent fieldwork indicated that the sportswear giant is taking the first three columns of the men’s footwear panel in the retailer’s stores for the first time in two years.
The retail user message count on Nike jumped 133% in the last seven days on Stocktwits. Retail sentiment on the stock remained unchanged in the ‘neutral’ territory, with chatter at ‘low’ levels, according to data from Stocktwits.
Nike, in recent years, had lost shelf space at Foot Locker and Dicks Sporting Goods after customers started to prefer running shoes made by Deckers Outdoor’s Hoka and Roger Federer-backed On Holding. Nike is now undergoing a turnaround with new CEO Elliott Hill looking to rebuild wholesale partnerships following a former push to focus only on direct-to-consumer channel sales.
A user on Stocktwits noted that Hill was making the “right moves.”
According to TheFly, JPMorgan noted that it believes Foot Locker is receiving the hyper pink color consistent with Nike’s broader distribution campaign, in addition to select colors exclusive to Foot Locker. The firm maintained an ‘Overweight’ rating on Nike shares.
Nike stock has gained nearly 2% so far this year but has declined over 7% in the last 12 months.
Bernstein raised its price target on Nike to $90 from $85 and maintained an ‘Outperform’ rating on Monday. The question of whether the Jordan brand can be resuscitated to drive another multi-year wave of brand heat is a critical piece of the Nike comeback story, Bernstein said.
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