Shares of Nike (NKE) have become incredibly oversold.
Not only is NKE oversold on RSI, MACD, and Williams’ %R, it also found double bottom support dating back to July 2022. From a current price of $98.55, we’d like to see the NIKE stock initially test $115 again, near-term. RBC Capital analyst Prial Dadhania also just initiated coverage with an outperform rating, with a $125 price target.
As noted by TheFly.com: Nike is the “100 lb gorilla” in sportswear with the number one market share, leading product franchises, and a digital business that will drive future growth, Dadhania tells investors in a research note. The analyst views recover in China as the catalyst to improve investors sentiment, which he says is showing early signs of promise. Nike has proven its ability to “remain one step ahead,” with its digital business transformation, China app relaunch, and RTFKT acquisition “recent proof points.”