Nike (NKE) shares rose 3.4%🐭 Thursday after Bank of America Secuܫrities upgraded its rating on the stock, citing optimism that the athletic apparel retailer’s earnings estimates “finally look achievable.”

BofA raised its rating on Nike to "buy" from "neutral," and lifted its price target to $113 from $110.

BofA analyst Lorraine Hutchinson wrote that after consensus estimates for 澳洲幸运5官方开奖结果体彩网:fiscal year 2025 earnings per share (EPS) have dropped 35% over the past two years, they are now “bottoming.” She noted that Nike is “taking bold steps to transform,” and the stock is in a “10-year trough” relative to its 澳洲幸运5官方开奖结果体彩网:price-to-earnings (P/E) ratio.

Hutchinson also sees catalysts for the stock ahead, pointing to the company’s first Investor Day in seven years coming this fall, as well as the Summer Olympic Games in Paris. She pointed out that Nike has historically benefited from the newness and 澳洲幸运5官方开奖结果体彩网:marketing around the Games, and sees that 🃏happening 🦄this year as well.

In addition, Hutchinson said that Nike management has recognized the need for big changes, and “continued shakeup in the team and processeꦯs from the recently announced cost savings plan could also spur faster sales stabilization.”

𓄧Nike shares, which finished 3.4% higher Thursday at $92.00, have lost about a quarter of their value over the past year.