Athletic footwear and apparel maker Nike, Inc. ( NKE ) on Tuesday caught a big downgrade from analysts at HSBC Securities.
The firm said it lowered its rating on NKE from "Overweight to Neutral" with a $96 price target. That target suggests a 14% upside to the stock's Friday closing price of $84.04.
Nike shares, which are down about 1.6% year-to-date, fell $2.24, or -2.7%, in premarket trading Tuesday.
The Bottom Line
Shares of Nike ( NKE ) have a 1.48% dividend yield, based on Friday's closing stock price of $84.04. The stock has technical support in the $78-$80 price area. If the shares can firm up, we see overhead resistance around the $88-$90 price levels.
Nike, Inc. ( NKE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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