Shares of Nike (NYSE: NKE) rose 4.7% on Thursday after two analysts issued bullish notes on the athletic apparel giant.
JPMorgan analyst Matthew Boss reiterated his overweight rating on Nike's stock. Following his meeting with management, he sees its share price rising roughly 23% to $164.
Despite a surge in COVID-19 infections that's driven Chinese authorities to reinstitute lockdowns in several major cities, Boss expects Nike's sales in China to strengthen in the fourth quarter. He also thinks the footwear titan's gross margin could improve, as consumer demand rebounds and inventory levels remain lean.
Source Fool.com