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
facebook X logo linkedin


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.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI