Nike Bets On Olympics to Boost Performance Sales: Report

Nike, Inc. NKE shares are trading higher today. The company reportedly launched Olympic kits for the teams it sponsors and athletes.

The company roped in athletes such as Kenyan marathon star Eliud Kipchoge and British sprinter Dina Asher-Smith, betting that top athletes can help it win more everyday consumers, reported Reuters.

As per the report, this summer’s Olympic Games in Paris offer a fresh chance for Nike to direct the customers’ attention to its performance products, such as the Alphafly 3 marathon shoe, which retails at $285.

Nike also plans to provide kits for the athletics teams of Canada, China, Uganda, Kenya, and Germany at the Olympics and basketball for Japan, China, Spain, and France at the Paris Games.

With the focus on the Olympic games, Nike aims to sell more entry-level and mid-range running shoes and highlighted its Pegasus shoe range, which retails between $130 and $160.

Also, BofA Securities upgraded the stock from Neutral to Buy and raised its price target from $110 to $113.

In March, Nike revealed plans for a low single-digit decline in revenue for the first half of fiscal 2025.

Also, the company reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year and beat the Street consensus estimate of $12.281 billion.

Investors can gain exposure to the stock via IQ Healthy Hearts ETF HART and Listed Funds Trust Roundhill S&P Global Luxury ETF LUXX.

Price Action: NKE shares are up 2.8% at $91.47 on the last check Thursday.

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