Shares of athletic shoe and apparel giant Nike (NKE) peaked at a five-month high on Monday following an upgrade from JPMorgan. Coming on the heels of Nike's strategic turnaround, the analysts urged investors "Just Buy It!" This playful spin on the company's "Just Do It" slogan marked a shift in their rating from "neutral" to "overweight". Simultaneously, they upped the price target from $64 to $93 and expressed a positive outlook for the company's earnings per share in fiscal years 2026 and 2027.
The upgrade reflected a renewed optimism stemming from recent field studies, management access, and a review of Nike's 10-K statement. Strikingly, the analysts highlighted Nike's "5-pronged multi-year recovery path." This includes aligning inventory with sales growth, accelerating wholesale overbooks, and introducing new performance products, particularly in light of the upcoming soccer World Cup arriving in the U.S. next year.
Nike began Monday with shares up less than 1% this year, which surged by about 4% at the opening bell following JPMorgan's upgrade.