Why Nike’s Price Dip Could Mean Bigger Profits Ahead

Nike Inc. (NYSE:NKE) shares have pulled back since the release of the first-quarter earnings report, offering a particularly attractive buying opportunity. Bank of America analyst Lorraine Hutchinson maintains a Buy rating on Nike, with a price forecast of $84, representing a 38.2% upside from the recent price of $60.80. Bank of America says Nike’s recent share decline presents a compelling entry opportunity, supported by expectations that its accelerating innovation pipeline will fuel a recovery in sales and margins. Also Read: Nike’s Turnaround Story Shows Momentum, But Can They Counter China? Analyst noted that Nike’s current Sport Offense strategy, which shifted…