Nike up after Deutsche Bank hikes PT, China boosts stimulus efforts

Foot Locker

26/09/2024 16:20

** Shares of sportswear company Nike  NKE.N  up as much as
3% to a three-month high of $90.62
    ** Brokerage Deutsche Bank raises PT to $95 from $92, says
NKE is poised for a turnaround with a gradual improvement
narrative
    ** China stimulus plan, CEO change news boosting Nike -
David Swartz, analyst with Morning Star
    ** Chinese leaders pledged to deploy "necessary fiscal
spending" to hit 2024 economic growth target of roughly 5% and
stop decline in housing market
    ** China also plans to issue special sovereign bonds worth
about 2 trillion yuan ($285.28 billion) as a part of this year's
fresh fiscal stimulus
    ** Shares of Lululemon Athletica  LULU.O  and Under Armour
 UAA.N  also rise about 3%; Foot Locker  FL.N  shares up ~1%
    ** Sportswear companies with significant presence in China
have reported sluggish demand from the country in past quarters
owing to weaker consumer confidence
    ** Including session's moves, NKE is down nearly 18% YTD
    


($1 = 7.0106 Chinese yuan renminbi)

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))