Nike Stock Is Getting a Lift Today. The Reason?

Core Insights - Nike shares increased by approximately 4.5% following a vote of confidence from Apple CEO Tim Cook, who expressed support for the brand [1] Company Performance - Tim Cook, a member of Nike's board for two decades, purchased nearly $3 million worth of Nike stock, acquiring 50,000 shares at an average price of $58.97, effectively doubling his stake [3] - Despite the recent surge, Nike shares have declined about 20% in value this year, as the company is undergoing a turnaround initiated by CEO Elliot Hill [3] Analyst Sentiment - Wall Street analysts maintain a generally positive outlook on Nike, with a mean price target around $80, significantly higher than the recent trading prices near $60 [4][5] - Bank of America analysts noted that consensus estimates for Nike are bottoming out and identified several catalysts that could lead to healthier growth, including gradual progress on innovation [5]