Investing.com - Shares of athleticwear giant Nike rose in midday trading, setting an all-time high thanks to an upgrade from Bank of America Merrill Lynch (NYSE:BAC) that said the company can move past the troubles it’s faced for three years.
Nike (NYSE:NKE) 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.
"We believe accelerated democratization of the Nike 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:ADSGN) as a more significant global competitor from both a technology (boost) and fashion (Yeezy & three stripe apparel) standpoint," Ohmes wrote, according to Briefing.com.