Why Nike Stock Stumbled to a Nearly 6% Fall Today
To put it mildly, Wednesday was not the best day for a stock to be hit with a price target cut. But that was the situation with top athletic apparel maker Nike (NYSE: NKE), whose shares closed 5.6% lower -- a steeper decline than even the terrible 4% suffered by the bellwether S&P 500 stock index
Bank of America (NYSE: BAC) Securities analyst Lorraine Hutchinson was the person wielding the blade. Wednesday morning, she adjusted her take on Nike stock with a price target shave to $125 per share from the preceding $140. That doesn't change Hutchinson's recommendation on the shares, though, which remains neutral.
The reasons behind the Bank of America prognosticator's move weren't immediately apparent.
Source Fool.com