Just when you thought things couldn’t get any worse for Nike (NYSE:NKE) stock when it flirted with multi-year lows, the footwear juggernaut recently clocked in an abysmal quarter that sank its stock to even lower multi-year depths. Indeed, Nike may have been caught flat-footed as its smaller, fast-rising footwear rivals picked up the pace.
Of course, the inflation-hit economic environment may push some consumers to trade down to lower-cost alternatives. However, Nike’s managers bear responsibility as NKE stock struggles to escape a historic rut. Nonetheless, despite the negative momentum and challenges that lie ahead, I remain bullish on NKE.
Dip-buyers sitting on the fence should probably “just do it” if they seek exposure to one of the Dow Jones Industrial Average’s bluest blue-chip stocks while hovering near six-year lows. At $72 and change per share, NKE stock goes for 19.4 times trailing price-to-earnings…
