2 Retail Stocks Rising After Upgrades

BBY and NKE have been on the move in the last few months

Deputy Editor
Dec 11, 2023 at 10:22 AM
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The retail sector is taking center stage as the holiday season hits high gear. Today, the focus is on retail stocks Best Buy Co Inc (NYSE:BBY) and Nike Inc (NYSE:NKE) after notable upgrades this morning.

BBY is 2.6% higher to trade at $75.03 at last check, after Jefferies raised its rating to "buy" from "hold" and hiked its price target to $89 -- a 20% upside to last night's close. The Wall Street analyst believes the pandemic purchases' "replacement cycle" will begin soon, and improved store traffic shown in its third-quarter report should "more than offset slowing web traffic."

On the charts, Best Buy stock is testing $75, which has been an area of consolidation over the last few weeks that coincides with its 320-day moving average. Year-to-date, BBY is down 6.4%, but has tacked on 20% off its Nov. 10 annual low of $62.30. 

Elsewhere, Nike stock is 2.3% higher to trade t $118.58, after Citi upgraded the blue-chip retailer to "buy" from "neutral," with a price target hike to $142 from $119. The brokerage firm cited lower freight charges, leaner inventory, fewer promotions, and a strong position in China. Citi said NKE is a "one-of-a-kind brand with visible margin recovery creates a favorable risk reward." 

Nike stock is trading at its highest mark since late-April, guided higher by its ascending 20-day moving average. The shares have reclaimed their year-to-date breakeven level today, and are up 24% this quarter alone.


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