Shares of iconic footwear and apparel company Nike (NYSE:NKE) have continued to drag their feet over the past few years. Despite being arguably the strongest brand play in apparel, shares remain down more than 47% from their 2021 peak levels. Though Nike still faces many hurdles it’ll need to leap over, I do think the trajectory ahead may just be able to help Nike stock sprint past $110 per share to around $111.44, the current average price target of Wall Street analysts covering the name.
Undoubtedly, the 2021-22 crash in NKE stock is a historic one, and until now, a recovery rally has been quite elusive, with shares now hovering pretty close to a multi-year floor of support. With numerous overlooked catalysts and a historically attractive multiple, I can’t help but stay bullish on the stock as it looks to ricochet a bit higher off that support level around $89.
The latest fumble over MLB player uniforms (they were…
