Wells Fargo Upgrades Nike Stock to ’Buy’ on Improved Outlook
Nike shares ROSE 1.9% Thursday after Wells Fargo upgraded the athleticwear giant to Buy from Hold, lifting its price target to $75 from $60. Analyst Ike Boruchow cited clearer visibility into sales and margin recovery, marking a potential end to Nike's three-year negative revision cycle.
The upgrade reflects expectations for earnings growth, with Fiscal 2026 and 2027 EPS estimates raised to $1.70 and $2.40 respectively. Boruchow sees a bull case scenario of $2.00 and $3.00, driven by stabilizing Classics sales, innovation in non-Classics products, and improved pricing power.
Key catalysts include Nike's new strategic initiatives, tangible product innovation, and easing pressure in its Core Classics business—the first comprehensive positive shift Wells Fargo has identified in years.
