Stock Market Today, Sept. 25: Nike Downgraded by Bank of America, Shares Flat
NIKE (NYSE:NKE), a global athletic footwear and apparel brand, closed at $35.75, down 0.67%. Bank of America downgraded NIKE and cut its price target on the stock from $47 to $30. Investors are waiting for the Oct. 1 earnings report and for any potential guidance. Trading volume
On September 25, Nike's stock experienced a slight decline, closing at $35.75, down 0.67%. Bank of America, the downgrading institution, also lowered their price target for NIKE shares from $47 to $30. The lower price target was disclosed on Friday, but the stock's performance remained relatively stagnant. Nike's shares were trading at $35.75, showing little movement despite the downgrade.
The company's shares saw a trading volume of 34.2 million shares, which was 23% higher than the three-month average of 27.8 million shares. The broader market was on an upward trajectory, with the S&P 500 rising 0.49% to 7,742, and the Nasdaq Composite up 0.48% to 27,069. Other major players in the athletic footwear, apparel, equipment, and accessories sector, such as lululemon athletica and Under Armour, also experienced mixed results. lululemon athletica closed at $101.30, down 0.33%, while Under Armour closed at $4.42, down 1.67%.
While Nike faced a downgrade from Bank of America, the overall stock market and other competitors demonstrated varied performances in the financial sector. Over the past five years, NKE stock has witnessed a significant decline, losing nearly three-quarters of its value.
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